1982

LAWS OF MARYLAND

Ch. 494

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be repealed, amended, or enacted to read as follows: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 - Financial Institutions

13-101.

(a) In this subtitle the following words have the
meanings indicated.

(B) "ACQUISITION" MEANS THE PURCHASE, ACQUISITION,
CONSTRUCTION, RECONSTRUCTION, EQUIPPING, REPAIR,
INSTALLATION, EXPANSION, EXTENSION, IMPROVEMENT,
REHABILITATION, OR REMODELING OF ONE OR MORE INDUSTRIAL
PROJECTS.

[(b)] (C) "Authority" means the Maryland Industrial
Development Financing Authority.

(D)  "BONDS" MEANS BONDS OR NOTES (INCLUDING, BY WAY OF
EXAMPLE, BOND ANTICIPATION NOTES OR NOTES IN THE NATURE OF
COMMERCIAL PAPER) OR OTHER INSTRUMENTS, CERTIFICATES, OR
EVIDENCES OF INDEBTEDNESS ISSUED AND SOLD BY THE AUTHORITY
OR ANY OTHER PUBLIC BODY, AGENCY, OR INSTRUMENTALITY OF THE
STATE TO FINANCE THE ACQUISITION OF ONE OR MORE INDUSTRIAL
PROJECTS.

(E)  "BORROWER" MEANS A BORROWER UNDER § 13-131(B) OF
THIS SUBTITLE.

[(c)] (F) (1) "Cost of project" means the total of
those costs that are[:

(i)] Found] FOUND by the Authority to be
reasonably necessary for the [construction,] acquisition[,
rehabilitation, or improvement] of an industrial project[;]

[(ii) Incurred after the Authority
approves the mortgage loan for the project; and

(iii) Incurred before the Authority
approves the mortgage loan for the project if:

1.  A participating public body
incurs the costs;

2.  The costs are necessary for the
mortgagee to obtain a first lien mortgage on the project and
are incidental to those incurred after Authority approval;
or

3.  The Authority finds that the
refinancing of an existing industrial project in this State
is reasonably necessary to avoid the removal of that project
from this State].