658

LAWS OF MARYLAND

Ch. 33

appears in § 13—114(7) of this subtitle; the term
appears only in that section.

13-102. FINDINGS AND STATEMENT OF PURPOSE.

(A)   FINDINGS.

THE GENERAL ASSEMBLY FINDS THAT:

(1)   A NEED EXISTS FOR NEW AND EXPANDED
INDUSTRIAL ENTERPRISES TO PROVIDE ENLARGED OPPORTUNITIES FOR
GAINFUL EMPLOYMENT BY THE PEOPLE OF THIS STATE AND, THUS, TO
INSURE THE PRESERVATION AND BETTERMENT OF THE ECONOMY OF
THIS STATE;

(2)   IT IS IN THE INTEREST OF THE PUBLIC WELFARE
AND PURPOSE TO PROMOTE THE EXPANSION AND DIVERSIFICATION OF
INDUSTRY IN THIS STATE, TO AVOID THE RELOCATION OF INDUSTRY
FROM THIS STATE, TO INCREASE EMPLOYMENT IN THIS STATE, AND
TO PROVIDE A LARGER TAXABLE BASE FOR THE ECONOMY OF THIS
STATE; AND

(3)   A NEED EXISTS TO ASSIST AND ENCOURAGE LOCAL
DEVELOPMENT CORPORATIONS AND POLITICAL SUBDIVISIONS IN THEIR
EFFORTS TO STIMULATE BUSINESS GROWTH IN THEIR COMMUNITIES.

(B)       PURPOSES.

THE PURPOSES OF THE AUTHORITY ARE:

(1)       TO ENCOURAGE THE MAKING OF MORTGAGE LOANS TO
FURTHER INDUSTRIAL EXPANSION IN THIS STATE AND DISCOURAGE
THE RELOCATION OF INDUSTRY OUTSIDE THIS STATE AND, THUS, TO
IMPROVE THE WELFARE OF THE PUBLIC FOR THE REASONS SET FORTH
IN SUBSECTION (A) OF THIS SECTION; AND

(2)      BY THE STIMULATION OF A LARGER FLOW OF
PRIVATE INVESTMENT FUNDS, TO MEET THE NEED OF INDUSTRIAL
PLANT EXPANSION IN THIS STATE.

REVISOR'S NOTE: This section presently appears as Art.
41, § 266K.

In subsection (a) (J) of this section, the present
reference to a local development corporation as
"nonprofit" is deleted as unnecessary in light of
the definition of "local development corporation"
in § 13-101(h) of this subtitle.

The present reference to the establishment of the
Authority is deleted as unnecessary in light of §
13-107 of this subtitle.

The only other changes are in style.

As to subsection (b)(1) of this section and the
reference to a "mortgage" loan, see the General