HARRY HUGHES, Governor

765

immediately upon passage of this Act. Because there is a
pending Code Revision Commission bill (House Bill No. 1)
which also corrects this inadvertent title defect, this Act
is intended to become void be abrogated and of no further
force and effect when the provisions of that bill become
operative; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 - Governor-Executive and Administrative
Departments

266J.

This subtitle may be known as the Maryland Industrial
Development Financing Authority Act.

266K.

It is declared that a need exists for new and expanded
industrial enterprises to provide enlarged opportunities for
gainful employment by the people of Maryland and thus to
insure the preservation and betterment of the economy of the
State. It is also declared that it is in the interest of
the public welfare and purpose to promote the expansion and
diversification of industry, to avoid the relocation of
industry from the State, to increase employment, and to
provide a larger taxable base for the economy of the State
of Maryland. It is further declared that a need exists to
assist and encourage local nonprofit development
corporations and/or municipalities or counties in their
efforts to stimulate business growth in their communities.
Therefore, the Maryland Industrial Development Financing
Authority is created as part of the Department of Economic
and Community Development to encourage the making of loans
for the purpose of furthering industrial expansion in the
State, and discouraging the relocation of industry from the
State, and, thus, improve the welfare of the public for the
foregoing reasons and, by the stimulation of a larger flow
of private investment funds, from banks, building and loan
associations, credit unions, savings and loan associations,
insurance companies, and other financial institutions,
including pension, retirement and profit-sharing funds, meet
the need of industrial plant expansion.

266L.

The Maryland Industrial Development Financing Authority
is authorized to insure the payment of mortgage loans
secured by industrial projects to the extent hereinafter
provided in § 266T of this article.

266M.