HARRY HUGHES, Governor

1979

(3) As to the State Aviation Administration OR
THE MARYLAND PORT ADMINISTRATION, written approval by the
State Secretary of Transportation.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 494

(House Bill 1265)

AN ACT concerning

Maryland Industrial Development Financing
Authority (MIDFA)

FOR the purpose of granting to MIDFA the power to issue
bonds or notes (including bond anticipation notes or
notes in the nature of commercial paper) or other
instruments, certificates or evidences of indebtedness;
granting to MIDFA the power to approve and insure bonds
or notes (including bond anticipation notes or notes in
the nature of commercial paper) or other instruments,
certificates or evidences of indebtedness issued by
MIDFA, or any other public body, agency, or
instrumentality of the State to finance the acquisition
of one or more industrial projects; providing that the
existence of any conflict of interest shall not affect
the validity of any finding or determination made by
MIDFA pursuant to the subtitle; providing that neither
the members of MIDFA nor any person executing bonds
shall be liable personally on the bonds or be subject
to any personal liability or accountability by reason
of the issuance of bonds; granting to MIDFA the power
to complete, administer, dispose of, or otherwise deal
with an industrial project, in the manner necessary or
desirable to protect the interests of MIDFA, including
the payment of principal or interest on any obligations
incurred with that industrial project; requiring MIDFA
to credit all loan or bond insurance premiums to the
Industrial Project Insurance Fund; prohibiting MIDFA
from issuing bonds to finance the acquisition of an
industrial project unless MIDFA considers the economic
impact of the project to be substantial; requiring the
Authority to ensure that procedures to grant loans are
structured to encourage minority business participation
providing that the Authority shall attempt to achieve
goals encouraging minority business participation;
providing that a loan or bonds issued to finance the
acquisition of an industrial project may not exceed 100
percent of the cost of project; providing MIDFA may