BLAIR LEE III, Acting Governor                        2783

(House Bill 1950)

AN ACT concerning

Maryland Industrial Development Financing Authority Act

FOR the purpose of including certain port related projects
under the Maryland Industrial Development Financing
Authority Act; changing the name of the Act to the
Maryland Industrial and Port Development Financing
Authority Act; and extending the provisions of this Act
to certain second mortgages.

BY repealing and reenacting, with amendments,

Article 41 - Governor-Executive and
Administrative Departments

Section 266K, 266I, 266M(a), 266-O(3) and (6), and

266T(a) to be under the amended subtitle

"Maryland Industrial and Port Development

Financing Authority Act"
Section 266-0(3)
Annotated Code of Maryland
(1971 Replacement Volume and 1977 Supplement)

BY adding to

Article 41 - Governor - Executive and Administrative

Departments
Section 266T(c)
Annotated Code of Maryland
(1971 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 - Governor-Executive and
Administrative Departments

Maryland Industrial AND PORT Development
Financing Authority Act

266K.

It is declared that a need exists for new and expanded
industrial enterprises to provide enlarged opportunities for
gainful employment by the people of Maryland and thus to
insure the preservation and betterment of the economy of the

State. It is also declared that it is in the interest of

the public welfare and purpose to promote the expansion and
diversification of industry, to avoid the relocation of
industry from the State, to increase employment, and to
provide a larger taxable base for the economy of the State
of Maryland. It is further declared that a need exists to
assist and encourage local nonprofit development