HARRY HUGHES, Governor

685

PART VI. MISCELLANEOUS PROVISIONS.
13-151. PROJECT APPLICANT AS MORTGAGOR.

(A)   OPTION OF APPLICANT.

AT ITS OPTION, THE INDUSTRIAL PROJECT APPLICANT MAY BE
THE MORTGAGOR INSTEAD OF A PUBLIC BODY UNDER PART V OF THIS
SUBTITLE.

(B)   APPLICATION OF PART V.

SUBJECT TO THE PROVISIONS OF THIS SECTION, IF THE
OPTION IS EXERCISED, THE PROVISIONS OF PART V OF THIS
SUBTITLE APPLY.

(C)   MORTGAGE.

IF THE PUBLIC BODY BORROWS MONEY   AND LENDS THE MONEY TO

THE INDUSTRIAL PROJECT APPLICANT, THE   APPLICANT SHALL GIVE A

MORTGAGE TO THE MORTGAGEE DIRECTLY OR   TO THE PUBLIC BODY, TO
BE ASSIGNED TO THE MORTGAGEE.

(D)   TERMS OF LOAN.

THE TERMS OF THE MORTGAGE LOAN TO OR AGREEMENT WITH THE
INDUSTRIAL PROJECT APPLICANT BY THE PUBLIC BODY SHALL
INCLUDE ANY PROVISIONS THAT THE PUBLIC BODY CONSIDERS
APPROPRIATE TO FINANCE THE INDUSTRIAL PROJECT.

REVISOR'S NOTE: This section is new language derived
from Art. 41, § 266WA.

Throughout this section, the term "public body"
which is defined in § 13—101(o) of this subtitle,
is substituted for the references to "county" or
"municipality". The Commission to Revise the
Annotated Code notes, however, that the title of
Ch. 496, Acts of 1979, which extensively amended
present Art. 41, § 266WA, refers only to a
"county". Therefore, the Attorney General
advised the Governor that the provisions as to
the authority of municipalities under this
section were not described adequately in the
title, but that the provisions were severable.
Since, under present Art. 41, § 266w(e), a
reference to a "county or municipality" includes
the State Aviation Administration and an
industrial development authority, it would appear
that the title also did not describe the
extension of present § 266WA to these entities.
The revision of this section enables all of these
public bodies to act as borrowers and to relend
the proceeds of the loan to an industrial project
applicant.

As to subsection (b) of this section, the