654

LAWS OF MARYLAND

Ch. 33

REVISOR'S NOTE: This subsection presently appears as
the first two sentences of Art. 41, § 266-O(3).

In paragraph (1) of this subsection, the
introductory phrase "any one or more of the
following" is added for clarity.

In paragraph (1)(i) and (iii) of this subsection,
present, somewhat inconsistent, references to
"construction", "acquisition", "refinancing",
"rehabilitation", and "improvement" are
standardized for each of the included items.

In paragraph (1)(ii) of this subsection, the

present phrase "gasoline and alcohol motor

vehicle fuel mixture ..." is deleted as
unnecessary.

In paragraph (1)(vii) of this subsection, the
present reference to a "public use airport
facility" is deleted as unnecessary in light of
the definition of "public use airport" in
subsection (p) of this section.

The only other changes are in style.

(H) LOCAL DEVELOPMENT CORPORATION.

"LOCAL DEVELOPMENT CORPORATION" MEANS ANY CORPORATION
OR FOUNDATION:

(1)   THAT IS ORGANIZED AND OPERATED MAINLY TO
FOSTER, ENCOURAGE, AND ASSIST THE PHYSICAL LOCATION AND
SETTLEMENT OF INDUSTRIAL AND MANUFACTURING ENTERPRISES IN
THIS STATE OR TO PROMOTE THE INDUSTRY OF THIS STATE; AND

(2)   NO PART OF THE NET EARNINGS OF WHICH INURES
TO THE BENEFIT OF ANY PRIVATE SHAREHOLDER OR INDIVIDUAL.

REVISOR'S NOTE: This subsection presently appears as
Art. 41, § 266-O(4).

The only changes are in style.

(I) MORTGAGE.

"MORTGAGE" MEANS A MORTGAGE ON AN INDUSTRIAL PROJECT.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first clause
of Art. 41, § 266-O(6).

The present reference to a "deed of trust" and
the third sentence of present Art. 41, §
266—O(6), which enumerates instruments that are
"mortgages", are deleted as unnecessary in light
of the definition of "mortgage" in § 1—101 of