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1973
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HARRY HUGHES, Governor
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CHAPTER 609
(House Bill 521)
AN ACT concerning
Maryland Industrial Land Act - Loans
FOR the purpose of providing that certain loans are not to be
considered debts or obligations of the county or Baltimore
City may be undertaken or entered into by a county certain
counties or Baltimore City without regard to certain
limitations and without complying with certain procedures;
and making provisions of this Act severable.
BY repealing and reenacting, with amendments,
Article 41 - Governor - Executive and Administrative
Departments
Section 443
Annotated Code of Maryland
(1982 Replacement Volume)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 41 - Governor - Executive and Administrative
Departments
443.
A loan under this subtitle is a general obligation of the
borrowing county, to the repayment of which the county's full
faith and credit are pledged or an obligation of Baltimore City
repayable from assets and revenues as provided in the loan
agreement. HOWEVER, NOTWITHSTANDING ANY OTHER PROVISION OF LAW,
A LOAN UNDER THIS SUBTITLE IS NOT A DEBT OR OBLIGATION OF THE
COUNTY OR BALTIMORE CITY WITHIN THE MEANING OF ITS CHARTER OR ANY
APPLICABLE PUBLIC LOCAL OR PUBLIC GENERAL LAW, INCLUDING WITHOUT
LIMITATION ANY PROVISION RELATING TO A LIMITATION UPON THE
BORROWING OF MONEYS OR THE INCURRING OF DEBT HOWEVER,
NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A LOAN TO A COUNTY OR
BALTIMORE CITY BALTIMORE CITY, BALTIMORE COUNTY, OR PRINCE
GEORGE'S COUNTY UNDER THIS SUBTITLE MAY BE UNDERTAKEN OR ENTERED
INTO BY A COUNTY THE COUNTIES OR BALTIMORE CITY PURSUANT TO AND
WITHIN THE LIMITATIONS OF THIS SUBTITLE WITHOUT REGARD TO ANY
LIMITATIONS SET FORTH IN ITS CHARTER OR OTHER APPLICABLE PUBLIC
LOCAL OR PUBLIC GENERAL LAW THAT WOULD OTHERWISE APPLY, AND
WITHOUT COMPLYING WITH ANY PROCEDURES SET FORTH IN ITS CHARTER OR
OTHER APPLICABLE PUBLIC LOCAL OR PUBLIC GENERAL LAW THAT WOULD
OTHERWISE BE REQUIRED. The Secretary, upon the sale of any part
of the land secured by a loan agreement and prepayment of
principal as provided in this subtitle, shall execute a partial
release of such land from the lien of the loan agreement.
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