HARRY HUGHES, Governor

1385

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, reconstruction, rebuilding,
revitalization, placement, or replacement of bulkheads,
berths, wharves, supply sheds, 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; (XI)
ACQUISITION, REFINANCING, REHABILITATION, OR IMPROVEMENT OF
A PUBLIC USE AIRPORT OR PUBLIC USE AIRPORT FACILITY.
However, "industrial project" does not include a mercantile
or retail or service establishment except as permitted by
items (v), (vi) , [and] (vii) AND (XI) 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 mortgage or first
deed of trust, on an industrial project; PROVIDED, HOWEVER,
THAT IF A LOAN IS APPROVED WITHOUT INSURANCE, A MORTGAGE WAY

BE OTHER THAN A FIRST MORTGAGE. 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.

(11)   "PUBLIC USE AIRPORT" MEANS ANY PUBLICLY 08
PRIVATELY OWNED AREA ESTABLISHED FOR THE LANDING AND TAKING
OFF OF AIRCRAFT, INCLUDING ANY APPURTENANT AIRPORT
FACILITIES, THAT IS OPEN TO FLIGHT OPERATIONS BY THE PUBLIC.

(12)   "PUBLIC USE AIRPORT FACILITY" INCLUDES ANY
ONE OR MORE OR COMBINATION OF: