1990                                   LAWS OF MARYLAND                                 Ch. 494

There is an Industrial Project [Mortgage] Insurance
Fund.

13-122.

(a)   [The] EXCEPT TO THE EXTENT PROVIDED IN ANY
CONTRACT WITH BONDHOLDERS, THE Authority shall credit to the
fund all of the receipts of the Authority, including:

(1)  Any unexpended balance of appropriations
made in the State budget for the fund through the fiscal
year ending June 30, 1970;

(2)   [Mortgage] LOAN OR BOND insurance premiums;

(3)  Proceeds from the sale, disposal, lease, or
rental of property by the Authority; and

(4)  Income from investments that the State
Treasurer, on instruction of the Authority, makes for the
Authority, under § 13-124 of this subtitle.

(b)  The Authority shall use the fund to pay all of the
expenses of the Authority, including:

(1)  Payments required by [mortgage defaults] ANY
LOAN OR BOND DEFAULT; and

(2)  Expenses for administrative, legal,
actuarial, and other services.

(C) ANY NET EARNINGS OF THE AUTHORITY, BEYOND THAT
NECESSARY TO RETIRE INDEBTEDNESS OR TO FURTHER OR IMPLEMENT
THE PURPOSE OR PURPOSES OF THE AUTHORITY, MAY NOT INURE TO
THE BENEFIT OF ANY PERSON OTHER THAN THE STATE.

Part IV. Approval and Insurance of [Mortgage] Loans

OR BONDS

13-129.

Subject to the provisions of this subtitle, the
Authority[, on application of a proposed mortgagor,] may:

(1)  Approve a [mortgage] loan for [an] OR THE
ISSUANCE OF BONDS TO FINANCE THE ACQUISITION OF ONE OR MORE
industrial project, whether or not the Authority will insure
the loan OR THE BONDS; [and]

(2)  If the [mortgage] loan OR THE ISSUANCE OF
BONDS is approved by the Authority, insure any part or all
of the [mortgage] payments required under [a mortgage
secured by an industrial project,] THE LOAN OR THE BONDS,
subject to the terms and conditions that the Authority
sets[.]; AND