2784

LAWS OF MARYLAND

Ch. 959

corporations and/or municipalities or counties in their
efforts to stimulate business growth in their communities.
Therefore, the Maryland Industrial AND PORT Development
Financing Authority is created as part of the Department of
Economic and Community Development to encourage the making
of mortgage loans for the purpose of furthering industrial
AND PORT expansion in the State, and discouraging the
relocation of industry from the State, and, thus, improve
the welfare of the public for the foregoing reasons and, by
the stimulation of a larger flow of private investment funds
from banks, building and loan association, credit union
savings and loan associations, insurance companies, and
other financial institutions, including pension, retirement
and profit sharing funds, meet the need of industrial plant
AND PORT expansion.

266L.

The Maryland Industrial AND PORT Development Financing
Authority [is authorized to] MAY insure the payment of FIRST
AND SECOND mortgage loans secured by industrial AND PORT
projects to the extent hereinafter provided in § 266T of
this article.

266M.

(a) The Maryland Industrial AND PORT Development
Financing Authority, hereinafter in this subtitle called the

Authority, is hereby created and established a body

corporate and politic and is constituted a public

instrumentality of the State, and the exercise by the

Authority of the powers conferred by the provisions of this

subtitle shall be deemed and held to be the performance of

essential governmental functions. The Authority shall

consist of five (5) members, appointed by the Secretary of
Economic and Community Development, with the approval of the

Governor, for a period of five (5) years as herein

provided.

266-O.

As used in this subtitle the following words and terms
have the following meanings and unless the context indicates
another or different meaning or intent:

(3) "Industrial project" means (i) construction of a
new industrial or manufacturing plant; or (ii) acquisition,
refinancing, rehabilitation, or improvement of a former
industrial or manufacturing plant;, or (iii) buildings used
primarily for storage or transshipment of manufactured
goods; or (iv) buildings to be used for [reasearch] RESEARCH
and development for the discovery, perfection, or evaluation
of new processes or products; or (v) construction,
acquisition, refinancing, rehabilitation, or improvement of
tourist or convention facilities, which may include
mercantile, retail, and service establishments, if the
Authority determines that the facilities will be used
primarily by or for tourists or conventioneers; or (vi)