HARRY HUGHES, Governor

1991

(3) IN ORDER TO FURTHER THE PURPOSES OF THIS
SUBTITLE, AT ANY TIME, INCREASE THE AMOUNT OF INSURANCE ON
LOANS OR BONDS.

13-130.

(a) (1) Except as provided in paragraph (2) of this
subsection, the Authority may not approve any [mortgage]
loan for OR ISSUE BONDS TO FINANCE THE ACQUISITION OF an
industrial project if completion of the project would result
in:

(i) The removal of the business conducted
in any plant or facility of the project occupant from one
area of this State to another area of this State; or

(ii) The abandonment of any plant or
facility of the project occupant in this State.

(2) This subsection does not apply if the
Authority, on the basis of the application, finds that the
loan OR THE ISSUANCE OF THE BONDS is reasonably necessary
to:

(i) Discourage the project occupant from
removing the business conducted in the plant or facility
from this State; or

(ii) Preserve the competitive position of
the project occupant in its industry.

(b) (1) The Authority may not approve any [mortgage]
loan for OR ISSUE BONDS TO FINANCE THE ACQUISITION OF an
industrial project unless the Authority considers the
economic impact of the project to be substantial.

(2) To determine the economic impact of a
project, the Authority may consider:

(i) The amount of any insurance that is
requested;

(ii) The size AMOUNT of the [mortgage]
loan OR THE BONDS;

(iii) The number of new jobs that will be
created by the project; and

(iv) Any other factor that the Authority
considers relevant.

(c)  The Authority may not approve any [mortgage] loan
for OR THE ISSUANCE OF ANY BONDS TO FINANCE THE ACQUISITION
OF an industrial project if, except on default, the
Authority would be required to operate, service, or maintain
the project under any [lease or other agreement] LOAN
DOCUMENTS.