BLAIR LEE III, Acting Governor

2785

mercantile, retail, or service facilities that primarily
serve out-of—state markets; or (vii) office buildings for
use as corporate or company headquarters or regional offices
for any business activity, including the activities
specified in this subsection and including nonprofit
institutions and organizations; OR (VIII) THE DREDGING OF
SPOILS FROM TIDAL WATERS AND THE FILLING OF ADJOINING LAND;
OR (IX) THE DEVELOPMENT OF SPOILAGE DISPOSAL AREAS; OR (X)
THE CONSTRUCTION, CONSTRUCTION, REBUILDING,

REVITALIZATION, PLACEMENT, OR REPLACEMENT OF BULKHEADS,
BERTHS, WHARVES, SUPPLY SHEDS, OR STORAGE BUILDINGS USED IN

CONNECTION WITH THE OPERATION OF A PORT, AND OTHER

FACILITIES, APPURTENANCES, AND EQUIPMENT NECESSARY OR USEFUL
IN CONNECTION WITH THE OPERATION OF A MODERN PORT. However,
"industrial project" does not include a mercantile or retail
or service establishment except as permitted by items (v) ,
(vi) , and (vii) of this paragraph. A project may not be
approved for insurance unless the Authority deems the
economic impact of the project to be substantial. In
determining whether or not the economic impact of a project
is substantial, THE Authority may consider any factor it
deems relevant, including the amount of insurance requested,
the size of the loan, and the number of new jobs created by
the project. Any finding or determination by the Authority
or the mortgagor in regard to the implementation of this
subtitle shall be conclusive. The financing, construction,
operation, and administration of an industrial project under
this subtitle shall be subject to the provisions concerning
discrimination and unlawful practices in Article 49B of this
Code, title "Human Relations Commission."

(6) "Mortgage" means a first OR SECOND mortgage or
first deed of trust, on an industrial project. The mortgage
may be a construction mortgage creating a first lien on an
industrial project if at the time of application to the
Authority, there is in effect a commitment satisfactory to
the Authority for permanent financing on the industrial

project by the same or another lender. As used in this

subtitle, "mortgage" includes any bonds, notes, guarantees,

agreements, or other credit instruments securing or

evidencing the mortgage indebtedness. The mortgage shall

provide that all the proceeds of the sale of any real or
personal property released from the lien thereof shall be
applied to the outstanding balance secured by such mortgage.

266T.

(a) The Authority, upon application of the proposed
mortgagors, may insure part or all of the mortgage payments
required by a first OR SECOND mortgage on any industrial
project, upon such terms and conditions as the Authority may
prescribe, if the aggregate amount of the insured portion of
the principal obligations of all mortgages outstanding at
any one time does not exceed an amount equal to five times
the balance in the industrial project mortgage insurance
fund.

266T.