670

LAWS OF MARYLAND

Ch. 33

PAST IV. APPROVAL AND INSURANCE OF MORTGAGE LOANS.

13-129. GENERAL POWER TO APPROVE AND INSURE.

SUBJECT TO THE PROVISIONS OF THIS SUBTITLE, THE
AUTHORITY, ON APPLICATION OF A PROPOSED MORTGAGOR, MAY:

(1)   APPROVE A MORTGAGE LOAN FOR AN INDUSTRIAL
PROJECT, WHETHER OR NOT THE AUTHORITY WILL INSURE THE LOAN;
AND

(2)   IF THE MORTGAGE LOAN IS APPROVED BY THE
AUTHORITY, INSURE ANY PART OR ALL OF THE MORTGAGE PAYMENTS
REQUIRED UNDER A MORTGAGE SECURED BY AN INDUSTRIAL PROJECT,
SUBJECT TO THE TERMS AND CONDITIONS THAT THE AUTHORITY SETS.

REVISOR'S NOTE: This section is new language derived
without substantive change from art. 41, §§
266L, 266P{12), and the first clause of 266T{a).

As to item (1) of this section and the reference
to a "mortgage" loan, see the General Revisor's
Note to this subtitle.

13-130. GENERAL IMITATIONS ON POWER TO APPROVE.

(A)   REMOVAL OR ABANDONMENT OF FACILITIES.

(1)   EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, THE AUTHORITY MAY NOT APPROVE ANY MORTGAGE LOAN
FOR AN INDUSTRIAL PROJECT IF COMPLETION OF THE PROJECT WOULD
RESULT IN:

(I)   THE REMOVAL OF THE BUSINESS CONDUCTED
IN ANY PLANT OR FACILITY OF THE PROJECT OCCUPANT FROM ONE
AREA OF THIS STATE TO ANOTHER AREA OF THIS STATE; OR

(II)   THE ABANDONMENT OF ANY PLANT OR
FACILITY OF THE PROJECT OCCUPANT IN THIS STATE.

(2)   THIS SUBSECTION DOES NOT APPLY IF THE
AUTHORITY, ON THE BASIS OF THE APPLICATION, FINDS THAT THE
LOAN IS REASONABLY NECESSARY TO:

(I)   DISCOURAGE THE PROJECT OCCUPANT FROM
REMOVING THE BUSINESS CONDUCTED IN THE PLANT OR FACILITY
FROM THIS STATE; OR

(II)   PRESERVE THE COMPETITIVE POSITION OF
THE PROJECT OCCUPANT IN ITS INDUSTRY.

(B)   ECONOMIC IMPACT OF PROJECT.

(1) THE AUTHORITY MAY NOT APPROVE ANY MORTGAGE

LOAN FOR AN INDUSTRIAL PROJECT UNLESS THE AUTHORITY

CONSIDERS THE ECONOMIC IMPACT OF THE PROJECT TO BE
SUBSTANTIAL.