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2400 VETOES
existing Industrial Project Insurance Fund as the Bond Insurance
Fund, and it provides that all monies on deposit in the former
fund are to be transferred to the latter fund on July 1, 1983.
It also establishes a new nonlapsing Authorized Purpose
Insurance Fund. The bill extends all current authorizations and
restrictions placed upon the Authority in its use of the existing
fund to its use of both new funds, with the certain exceptions.
House Bill 1444, which was passed by the General Assembly
and signed by me on May 10, 1983, accomplishes the same purpose.
Therefore it is not necessary for me to sign Senate Bill 800.
Sincerely,
Harry Hughes
Governor
Senate Bill No. 800
AN ACT concerning
Maryland Industrial Development Financing Authority (MIDFA)
and Maryland Economic Development Revenue Bond Act
FOR the purpose of repealing the existing Maryland Industrial
Development Financing Authority Act (MIDFA Act) and enacting
a new MIDFA Act; continuing and modifying the existence,
structure, powers, duties, and operations of the Maryland
Industrial Development Financing Authority; creating a bond
insurance fund (which replaces the industrial project
insurance fund); authorizing the Authority to provide
financial assistance from the bond insurance fund to assist
the financing of all types of buildings, structures,
equipment, facilities, and property interests for stated
economic development, port and pollution control purposes;
creating an authorized purpose insurance fund and
authorizing the Authority to provide financial assistance
from this fund for certain types of transactions for stated
economic development, port and pollution control purposes;
permitting the Authority to authorize the Executive Director
of the Authority to approve, on behalf of the Authority,
certain financial assistance from the authorized purpose
insurance fund, subject to certain limitations and
requirements; providing the requirements for and terms and
conditions under which financial assistance may be provided
by the Authority under the MIDFA Act; authorizing the
Authority to issue and sell bonds under and in accordance
with the Maryland Economic Development Revenue Bond Act to
assist the financing of all types of buildings, structures,
facilities and property interests for stated economic
development, port and pollution control purposes; providing
certain of the terms and conditions under which these bonds
may be issued, sold, and delivered by the Authority;
establishing certain criminal penalties for false statements
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