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LAWS OF MARYLAND

Ch. 351

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 13-101(k), 13-104, 13-131(c), 13-140, 13-145,

and 13-153(a)
Annotated Code of Maryland

(As enacted by Chapter ____ (H.B. 1) of the Acts

of the General Assembly of 1980)

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be repealed, amended, or enacted to read as follows: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

266WB.

BORROWING BY A COUNTY OR MUNICIPALITY WHICH
PARTICIPATES UNDER § 266W OR § 266WA OF THIS SUBTITLE MAY BE
IN THE FORM OF A BOND ISSUE. IN THAT CASE (1) THE MORTGAGE
EXECUTED BY THE COUNTY OR MUNICIPALITY, OR BY THE INDUSTRIAL
PROJECT APPLICANT, SHALL BE PLEDGED AS SECURITY FOR THE
BONDS; (2) THE COUNTY OR MUNICIPALITY MAY NOT PLEDGE ITS
FULL FAITH OR CREDIT TO THE PAYMENT OF THE BONDS; (3)
INTEREST PAYABLE ON THE BONDS SHALL BE EXEMPT FROM TAXATION
BY THE STATE, AND ITS COUNTIES AND MUNICIPALITIES; (4)
REFERENCE IN THIS SUBTITLE TO "MORTGAGEE" MAY BE DEEMED TO
REFER TO THE HOLDER OF THE BONDS OR TO A TRUSTEE OR OTHER
FIDUCIARY FOR THEM. BORROWING BY A COUNTY OR MUNICIPALITY
UNDER THIS SUBTITLE, REGARDLESS OF ITS FORM, IS NOT SUBJECT
TO §§ 9, 10, 11, 12, OR 24 OF ARTICLE 31.

SECTION 2. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland (as enacted by Chapter

_____ (H.B. 1) of the Acts of the General Assembly of 1980)

be repealed, amended, or enacted to read as follows:

Article - Financial Institutions

13-101.

(k) (1) "Mortgagee" means the original mortgage lender
approved by the Authority and any successor or assignee of
that lender.

(2) IF THE BORROWING BY A PUBLIC BODY UNDER §
13-140 IS IN THE FORM OF A BOND ISSUE, "MORTGAGEE" MEANS THE
BONDHOLDERS, TRUSTEE, OR OTHER FIDUCIARY FOR BONDHOLDERS.

13-304 13-104.

(A) Any finding or determination by the Authority to
the implementation of this subtitle is conclusive.