HARRY HUGHES, Governor

1987

(2)  It is in the interest of the public welfare
and purpose to promote the expansion and diversification of
industry in this State, to avoid the relocation of industry
from this State, to increase employment in this State, and
to provide a larger taxable base for the economy of this
State; [and]

(3)  A need exists to assist and encourage local
development corporations and political subdivisions in their
efforts to stimulate business growth in their
communities[.]; AND

(4)  BUSINESSES NEED GREATER ACCESS TO CAPITAL
MARKETS, AND THE AVAILABILITY OF LOANS AND OTHER FINANCIAL
ASSISTANCE ARE IMPORTANT INDUCEMENTS TO INCREASED AND VARIED
EMPLOYMENT AND FOR BUSINESSES TO REMAIN, EXPAND, OR LOCATE
IN THIS STATE.

(b) The purposes of the Authority are:

(1)  To encourage THE ISSUANCE OF BONDS AND the
making of [mortgage] LOANS, TO ACQUIRE SUCH SECURITY AS THE
AUTHORITY CONSIDERS NECESSARY, AND TO MAKE OR PARTICIPATE IN
THE MAKING OF LOANS OR PURCHASING OF BONDS, THE PROCEEDS OF
WHICH WERE USED TO MAKE loans to further industrial
expansion in this State and discourage the relocation of
industry outside this State and, thus, to improve the
welfare of the public for the reasons set forth in
subsection (a) of this section; [and]

(2)  By the stimulation of a larger flow of
private investment funds, to meet the need of industrial
plant expansion in this State[.]; AND

(3)  THIS SUBTITLE SHALL BE BROADLY CONSTRUED TO
EFFECT ITS PURPOSES.

13-104.

(a)  Any finding or determination by the Authority AS
to the implementation of this subtitle is conclusive.

(b)  Any finding or determination by a public body as
to [its participation under] THE IMPLEMENTATION OF this
subtitle is conclusive.

13-107.

There is a Maryland Industrial Development Financing
Authority in the Department, established as a body corporate
and politic AND A PUBLIC INSTRUMENTALITY OF THE STATE.

13-112.

(A) A member of the Authority may not participate in
any decision related to the approval of a [mortgage] loan OR
THE ISSUANCE OF BONDS, if the member: