680

LAWS OF MARYLAND

Ch. 33

The present reference to "the City of Baltimore"

is deleted as unnecessary in light of the

definition of "county" in § 1—101 of this
article.

The present, obsolete reference to the "Maryland
Department of Employment Security" is corrected
to refer to its successor agency, the Employment
Security Administration.

The General Assembly might note that this
section, on the one hand, is worded as a
mandatory provision ("The Authority shall
waive...") that is based on certain objective
criteria; on the other hand, however, the section
presupposes a determination of or finding by the
Authority, without providing any mechanism for
assuring that the Authority will make this
determination ("... if the Authority finds...").
It might be appropriate, therefore, to amend this
section to apply on application to the Authority
of the mortgagor or mortgagee; or to require the
Authority to review periodically and apply the
applicable unemployment statistics.

13-137.      RESERVED.

13-138.      RESERVED.

13-139.      RESERVED.

PART V.      PARTICIPATION OF PUBLIC BODIES.

13-140.      POWER OF PUBLIC BODY TO PARTICIPATE.

(A)   IN GENERAL.

SUBJECT TO THE PROVISIONS OF THIS SUBTITLE AND
NOTWITHSTANDING ANYTHING IN ITS CHARTER, A PUBLIC BODY MAY:

(1)   ACQUIRE, EITHER BY BUYING OR CONSTRUCTION,
ANY INDUSTRIAL PROJECT FOR WHICH THE MORTGAGE LOAN IS
APPROVED BY THE AUTHORITY;

(2)   BORROW MONEY TO DEFRAY THE COST OF ACQUIRING
THE PROJECT;

(3)   IF THE PUBLIC BODY IS THE MORTGAGOR, EXECUTE
A MORTGAGE TO SECURE THE MORTGAGE LOAN; AND

(4)   OTHERWISE PARTICIPATE FULLY IN THE
PROVISIONS OF THIS SUBTITLE.

(B)   PLEDGE OF FAITH AND CREDIT PROHIBITED.

A PUBLIC BODY MAY NOT PLEDGE ITS FAITH AND CREDIT IN
SUPPORT OF ANY LOAN MADE UNDER THIS SUBTITLE.