HARRY HUGHES, Governor

1229

(B) ANY FINDING OR DETERMINATION BY A PUBLIC BODY AS
TO ITS PARTICIPATION UNDER THIS SUBTITLE IS CONCLUSIVE.

13-131.

(c) The mortgagee shall be a person approved by the
Authority. IF THE BORROWING BY A PUBLIC BODY IS IN THE FORM
OF A BOND ISSUE, THE AUTHORITY SHALL APPROVE THE TERMS OF
THE BONDS AND OF THEIR ISSUANCE.

13-140.

(a)  Subject to the provisions of this subtitle and
notwithstanding anything in its charter, a public body may:

(1)  Acquire, either by buying or construction,
any industrial project for which the mortgage loan is
approved by the Authority;

(2)  Borrow money to:

(I)  defray DEFRAY the cost of acquiring
the project; OR

(II)  RE-LEND RELEND TO AN INDUSTRIAL
PROJECT APPLICANT UNDER § 13-151.

(3)  If the public body is the mortgagor, execute
a mortgage to secure the mortgage loan; and

(4)  Otherwise participate fully in the
provisions of this subtitle.

(b)  A PUBLIC BODY MAY BORROW MONEY UNDER THIS SECTION
IN THE FORM OF A BOND ISSUE. BORROWING BY A PUBLIC BODY
UNDER THIS SECTION IS NOT SUBJECT TO § 9, 10, 11, 12, OR 24
OF ARTICLE 31 OF THE CODE. A public body may not pledge its
faith and credit in support of any loan made under this
subtitle.

13-145.

If a public body participates as borrower under this
subtitle, the interest payable under the mortgage loan OR ON
BONDS ISSUED AS PROVIDED IN § 13-140 is exempt from all
income taxes imposed by this State or any political
subdivision.

13-153.

(a) Notwithstanding any other law, mortgage loans
approved by the Authority AND BONDS ISSUED under this
subtitle and participations in them:

(1) May be negotiable; and