1992

LAWS OF MARYLAND

Ch. 494

(d)  The Authority may not approve any [mortgage] loan
for an industrial project in which the State Aviation
Administration participates, unless the project involves a
public use airport that is subject to the jurisdiction of
the State Aviation Administration.

(e)  The Authority may not approve any [mortgage] LOAN
for OR ISSUE BONDS TO FINANCE THE ACQUISITION OF an
industrial project that involves facilities of a racetrack,
unless the project is approved by the Maryland Racing
Commission.

(F) AS USED IN THIS SUBSECTION, "MINORITY BUSINESS
ENTERPRISE" IS AS DEFINED IN ARTICLE 21, SUBTITLE 6, OF THIS
CODE.

THE AUTHORITY SHALL ENSURE THAT THE PROCEDURES FOR
APPROVING LOANS ARE STRUCTURED TO ATTEMPT TO ACHIEVE A COAL
OF MINORITY BUSINESS ENTERPRISE PARTICIPATION OF AT LEAST 10
PERCENT OF THE DOLLAR VALUE OF THE LOANS APPROVED AND BONDS
ISSUED; PROVIDED, THAT THE FAILURE TO SATISFY SUCH COAL
SHALL NOT AFFECT THE VALIDITY OF ANY BONDS ISSUED BY THE
AUTHORITY OR THE VALIDITY OF ANY FINDING OR DETERMINATION
MADE PURSUANT TO THIS SUBTITLE.

IT IS IN THE INTEREST OF THE PUBLIC WELFARE AND PURPOSE
WHEN BONDS ARE ISSUED BY THE AUTHORITY UNDER PART VI OF THIS
SUBTITLE THAT THE AUTHORITY ATTEMPT TO ACHIEVE A GOAL OF 10
PERCENT PARTICIPATION AS BORROWER WITHIN THE MEANING OF §
13-131(B)(5) OF THIS SUBTITLE BY MINORITY BUSINESS
ENTERPRISE, WITHIN THE MEANING OF ARTICLE 21 § 8 - 601 OF
THE CODE; PROVIDED THAT THE FAILURE TO SATISFY SUCH GOAL
SHALL NOT AFFECT THE VALIDITY OF ANY BONDS ISSUED OR LOANS
MADE BY THE AUTHORITY OR THE VALIDITY OF ANY FINDING OR
DETERMINATION MADE PURSUANT TO THIS SUBTITLE.

13-131.

(a)  To be eligible for approval under this subtitle, a
[mortgage] loan shall meet the requirements of this section.

(b)  The [mortgagor] BORROWER shall be:

(1)  A local development corporation;

(2)  A political subdivision;

(3)  An industrial development authority;

(4)  The State Aviation Administration; or

(5)  If the option provided for in § 13-151 of
this subtitle is exercised, EXERCISED OR IF THE AUTHORITY
FINANCES THE ACQUISITION OF AN INDUSTRIAL PROJECT UNDER THIS
SUBTITLE, the industrial project applicant.