2002

LAWS OF MARYLAND

Ch. 494

(F) SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH
BONDHOLDERS AND THE PROVISIONS OF THIS SUBTITLE, THE
AUTHORITY MAY ESTABLISH VARIOUS ACCOUNTS WITHIN THE FUND
WHICH MAY BE EXPENDED ONLY TO IMPLEMENT THE PUBLIC PURPOSE
OR PURPOSES OF THE AUTHORITY. IF THE AUTHORITY ELECTS TO
ESTABLISH SEPARATE ACCOUNTS, THE AUTHORITY MAY ALLOCATE ITS
REVENUES AND RECEIPTS AMONG THE RESPECTIVE ACCOUNTS IN THE
FASHION IT DEEMS APPROPRIATE.

13-150.

(A)  "RESOLUTION" HAS THE MEANING STATED IN § 13-141(A)
OF THIS SUBTITLE.

(B)  WHERE THE AUTHORITY WILL BE THE ISSUER OF BONDS TO
FINANCE THE ACQUISITION OF AN INDUSTRIAL PROJECT, BEFORE THE
AUTHORITY FINANCES THE ACQUISITION OF AN INDUSTRIAL PROJECT,
IT IS A CONDITION THAT THE POLITICAL SUBDIVISION IN WHICH
THE INDUSTRIAL PROJECT WILL BE LOCATED SHALL ADOPT A
RESOLUTION THAT SHALL:

(1)  SPECIFY AND DESCRIBE THE INDUSTRIAL PROJECT
INCLUDE, BUT NOT BE LIMITED TO, SPECIFICATION AND
DESCRIPTION OF THE APPROXIMATE SIZE, LOCATION, AND USE OF
THE INDUSTRIAL PROJECT; AND

(2)  GENERALLY DESCRIBE THE PUBLIC PURPOSE TO BE
SERVED BY THE INDUSTRIAL PROJECT.

(C)  A RESOLUTION ADOPTED UNDER THIS SECTION IS
ADMINISTRATIVE IN NATURE,. IT NOT SUBJECT TO PROCEDURES
REQUIRED FOR LEGISLATIVE ACTS, NATURE AND IS NOT SUBJECT TO
REFERENDUM.

Part [VI.] VII. Miscellaneous Provisions

13-151.

(a)  At its option, the industrial project applicant
may[ be the [mortgagor] BORROWER instead of a public
body under Part V of this subtitle] BORROW FROM A PUBLIC
BODY AS PROVIDED IN § 13-140(A) (2) (II) OF THIS SUBTITLE.
THE INDUSTRIAL PROJECT APPLICANT MAY ALSO BE THE BORROWER
WITHOUT THE PARTICIPATION OF A PUBLIC BODY.

(b)  Subject to the provisions of this section, if the
option is exercised WITH THE PARTICIPATION OF A PUBLIC BODY,
the provisions of Part V of this subtitle apply. IF THE
OPTION IS EXERCISED WITHOUT THE PARTICIPATION OF A PUBLIC
BODY, THE PROVISIONS OF PART V OF THIS SUBTITLE DO NOT
APPLY.

[(c) If the public body borrows money and lends the
money to the industrial project applicant, the applicant
shall give a mortgage to the mortgagee directly or to the
public body, to be assigned to the mortgagee.]