HARRY HUGHES, Governor

679

OF THE PRINCIPAL OBLIGATION OUTSTANDING AT THE BEGINNING OF
EACH MORTGAGE YEAR.

(C)   DETERMINATION OF RATE.
THE PREMIUM RATE:

(1)   SHALL BE SET ON THE BASIS OF ALL RELEVANT
INFORMATION AVAILABLE;

(2)   MAY NOT BE MORE THAN 3 PERCENT OF THE ENTIRE
PRINCIPAL OBLIGATION OUTSTANDING AT THE BEGINNING OF EACH
MORTGAGE YEAR; AND

(3)   NEED NOT BE UNIFORM AMONG THE LOANS THAT THE
AUTHORITY INSURES.

(D)       PAYMENT.

THE PREMIUMS SET BY THE AUTHORITY SHALL BE PAYABLE BY
THE MORTGAGOR OR THE MORTGAGEE IN THE MANNER THAT THE
AUTHORITY REQUIRES.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 41, §
266U(a).

13-136. SAME — WAIVER.

(A)       IN GENERAL.

THE AUTHORITY SHALL WAIVE THE PREMIUM FOR INSURING THE
MORTGAGE PAYMENTS AS TO AN INDUSTRIAL PROJECT IF THE
AUTHORITY FINDS THAT THE PROJECT IS IN A COUNTY FOR WHICH
THE AVERAGE UNEMPLOYMENT RATE IS AT LEAST 1 PERCENT GREATER
THAN THE AVERAGE UNEMPLOYMENT RATE FOR THE UNITED STATES, AS
DETERMINED UNDER THIS SECTION.

(B)       STANDARDS FOR UNEMPLOYMENT RATES.

(1)        AVERAGE UNEMPLOYMENT RATES FOR A COUNTY
SHALL BE AS ESTABLISHED BY THE STATE EMPLOYMENT SECURITY
ADMINISTRATION.

(2)       AVERAGE UNEMPLOYMENT RATES FOR THE UNITED
STATES SHALL BE AS ESTABLISHED BY THE UNITED STATES
DEPARTMENT OF LABOR.

(3)       THE RATES TO BE CONSIDERED BY THE AUTHORITY
SHALL BE THOSE ESTABLISHED FOR A 12-MONTH PERIOD ENDING NO
MORE THAN 12 MONTHS BEFORE THE DATE WHEN THE AUTHORITY MAKES
ITS FINDING.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 41, §
266U(b).