1388                                   LAWS OF MARYLAND                                 Ch. 496

contractual obligation by such municipality or county shall
not be subject to any limitation otherwise imposed by law
requiring advertising of such property for any specific
period of time or sale thereof to the highest bidder,

266WA.

The industrial project applicant shall have the option
of becoming the mortgagor in lieu of [participation by] a
county or municipality as provided under § 266W. [If this
option is employed, the provisions of § 266W shall not be
applicable.] IN THE EVENT THE INDUSTRIAL PROJECT APPLICANT
ELECTS TO BECOME THE MORTGAGOR. THE PROVISIONS OF THIS
SUBTITLE SHALL APPLY EXCEPT THAT THE PROCEDURES SHALL
CONTEMPLATE AND AUTHORIZE A TRANSACTION IN THE FORM OF A
LOAN OF THE PROCEEDS OF THE BORROWING BY THE MUNICIPALITY OR
COUNTY TO THE INDUSTRIAL PROJECT APPLICANT, AND ANY MORTGAGE
SHALL EITHER BE GIVEN DIRECTLY BY THE INDUSTRIAL PROJECT
APPLICANT TO THE MORTGAGEE OR TO THE MUNICIPALITY OR COUNTY
AND ASSIGNED TO THE MORTGAGEE. SUCH LOAN TO THE INDUSTRIAL
PROJECT APPLICANT AND ANY AGREEMENT OR CONTRACT WITH RESPECT
THERETO MAY INCLUDE SUCH PROVISIONS AS THE MUNICIPALITY OR
COUNTY MAY DEEM APPROPRIATE TO EFFECT THE FINANCING OF THE
INDUSTRIAL PROJECT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.

CHAPTER 497

(Senate Bill 891)

AN ACT concerning

Transportation Article — Corrections

FOR the purpose of transferring and correcting certain motor
vehicle criminal and penalty provisions; and clarifying
the right of local authorities to alter certain speed
limits.

BY repealing

Article — Transportation
Section 14-102.1
Annotated Code of Maryland
(1977 Volume and 1978 Supplement)

BY adding to