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553
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HARRY HUGHES, Governor
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CHAPTER 73
(House Bill 1444)
ACT concerning
Maryland Industrial Development Financing Authority (MIDFA)
and Maryland Economic Development Revenue Bond Act
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
or reports to the Authority; conforming certain terminology
in the MIDFA Act to that in the Maryland Economic
Development Revenue Bond Act; repealing certain provisions
relating to the issuance of bonds and the making of loans
under the MIDFA Act, the participation of certain public
bodies under the MIDFA Act, and certain requirements for
loans or insurance under the MIDFA Act; generally relating
to the Authority, and its establishment, organization, and
powers, and the bond insurance fund and the authorized
purpose insurance fund; adding the Authority as a public
body under the Maryland Economic Development Revenue Bond
Act and providing for the Authority's participation as a
public body under that Act; making certain technical and
clarifying changes in the Maryland Economic Development
Revenue Bond Act; correcting certain errors in Chapter 791
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