HARRY HUGHES, Governor

651

OF CONSTRUCTING ACCESS TO AND FROM THE PROJECT;

(III)   THE COST OF EXTENDING TO THE PROJECT
SITE EXISTING UTILITY SYSTEMS, IF THE CONSUMER CUSTOMARILY
BEARS THESE COSTS;

(IV)   INSURANCE PREMIUMS, FINANCING
CHARGES, INTEREST COSTS, COMMITMENT FEES, AND OTHER SIMILAR
CHARGES AND FEES INCURRED BEFORE OR DURING THE PERIOD OF
CONSTRUCTION, REHABILITATION, OR IMPROVEMENT;

(V)   ANY FEES OR CHARGES THAT THE AUTHORITY
IMPOSES IN CONNECTION WITH AN APPLICATION FOR APPROVAL OF A
MORTGAGE LOAN;

(VI)   THE COST OF PREPARING PROJECT
SPECIFICATIONS, SURVEYS, ESTIMATES, APPLICATIONS, AND OTHER
DOCUMENTS;

(VII)   THE COST OF ACQUIRING, INSTALLING,
REPLACING, OR REPAIRING ANY MACHINERY OR EQUIPMENT TO BE
USED BY THE PROJECT OCCUPANT IN ITS INDUSTRIAL OR
MANUFACTURING OPERATIONS; AND

(VIII)   ALL OTHER COSTS, CHARGES, FEES, AND
EXPENSES, INCLUDING LABOR COSTS, OVERHEAD COSTS, THE COSTS
OF MATERIALS AND SUPPLIES, AND ENGINEERING AND LEGAL
EXPENSES, THAT ARE REASONABLY RELATED TO THE CONSTRUCTION,
ACQUISITION, REHABILITATION, OR IMPROVEMENT OF THE PROJECT.

(3) "COST OF PROJECT", AS TO THE COSTS THAT A
PARTICIPATING PUBLIC BODY INCURS BEFORE AUTHORITY APPROVAL
OF THE MORTGAGE LOAN, ALSO INCLUDES THE FAIR MARKET VALUE OF
THE ASSETS FOR WHICH THE COSTS HERE INCURRED, TO BE VALUED
AS OF THE TIME OF THE APPROVAL OF THE LOAN, IF THIS FAIR
MARKET VALUE IS GREATER THAN THE ACTUAL COSTS INCURRED.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 41, §
266-0(1) .

Paragraph (1) (iii) 1. of this subsection is new
language added for clarity and conformity to
paragraph (3) of this subsection. In paragraph
(3) of this subsection, the term "public body" is
substituted for the reference to a participating
"municipality, county, or State Aviation
Administration". Under subsection (o) of this
section, the tern "public body" includes an
"industrial development authority", as defined in
subsection (f) of this section; as seen from Part
V of this subtitle, these authorities — together
with political subdivisions and the State
Aviation Administration — are authorized to
participate and be reimbursed for previously
incurred costs. See e.g., § 13—142(3) of this
subtitle.