HARRY HUGHES, Governor

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(d)  The acquisition of an industrial project by a
county or municipality, and/or the contracting for
construction of an industrial project by a county or
municipality shall not be subject to the requirements of
State or local law regarding competitive bidding, providing
the tenant requests such direct contracting and further
providing that the direct contracts are approved by the
Maryland Industrial Development Financing Authority.

(e)  Every reference in this section to counties or
municipalities applies also to the State Aviation
Administration and to an industrial development authority
created under §§ 266A-1 and 266A-2 of this article as though
mentioned in each such reference. Reference to an ordinance
or resolution in this section shall, as to the State
Aviation Administration, refer to a determination made by
the State Aviation Administration and approved by the
Secretary of the Maryland Department of Transportation.
Reference to an ordinance in this section shall, as to an
industrial development authority, refer to a resolution of
its board of directors.

(f)  The provisions of this section shall be applicable
to all mortgages negotiated under this subtitle on and after
June 1, 1965, except that the provisions of this section
relating to projects previously acquired by a public body
shall be applicable on and after July 1, 1975.

266WA.

The industrial project applicant shall have the option
of becoming the mortgagor in lieu of a county or
municipality as provided under § 266W. In the event the
industrial project applicant elects to become the mortgagor,
the provisions of this subtitle shall apply except that the
procedures shall contemplate and authorize a transaction in
the form of a loan of the proceeds of the borrowing by the
municipality or county to the industrial project applicant,
and any mortgage shall either be given directly by the
industrial project applicant to the mortgagee or to the
municipality or county and assigned to the mortgagee. Such
loan to the industrial project applicant and any agreement
or contract with respect thereto may include such provisions
as the municipality or county may deem appropriate to effect
the financing of the industrial project.

266X.

(a) Notwithstanding any provisions of any rule at
common law or any general or special law, mortgages on
industrial projects approved by the Authority under this
subtitle and participations in them are legal investments
for all insurance companies, trust companies, banks,
investment companies, savings banks, building and loan
associations, credit unions, savings and loan associations,
executors, administrators, guardians, conservators, trustees