HARRY HUGHES, Governor                                    3183

CONSTRUCTION, ERECTION, DEVELOPMENT, REHABILITATION, RENOVATION,
REDEVELOPMENT OR IMPROVEMENT OF BUILDINGS OR STRUCTURES, AND ANY
LAND NECESSARY THEREFOR, WITHIN THE BOUNDARIES OF BALTIMORE CITY,
WHICH BUILDINGS OR STRUCTURES ARE TO BE USED OR OCCUPIED FOR
RESIDENTIAL, INDUSTRIAL AND COMMERCIAL PURPOSES OR ANY OF THESE.

(B) TO GUARANTEE OR INSURE FINANCIAL LOANS MADE BY THIRD
PARTIES TO ANY PERSON OR OTHER LEGAL ENTITY TO BE USED FOR OR IN
CONNECTION WITH THE PURCHASE OR ACQUISITION OF FEE SIMPLE OR
LESSER INTERESTS IN LAND OR PROPERTY, AND FOR OR IN CONNECTION
WITH THE CONSTRUCTION, RECONSTRUCTION, ERECTION, DEVELOPMENT,

REHABILITATION, RENOVATION, REDEVELOPMENT OR IMPROVEMENT OF

BUILDINGS OR STRUCTURES, AND ANY LAND NECESSARY THEREFOR, LOCATED
WITHIN THE BOUNDARIES OF BALTIMORE CITY, WHICH BUILDINGS OR
STRUCTURES ARE TO BE USED FOR, OR IN CONNECTION WITH RESIDENTIAL,
INDUSTRIAL AND COMMERCIAL PURPOSES OR ANY OF THESE.

(C) ANY LOANS, LOAN GUARANTEES OR LOAN INSURANCE AUTHORIZED
BY THIS SECTION MAY BE FINANCED BY OBLIGATIONS WHICH ARE EXEMPT

FROM FEDERAL, STATE AND LOCAL TAXES (INCLUDING, WITHOUT

LIMITATION, FEDERAL INCOME TAX) UNDER THE PROVISION OF ANY
STATUTE, LAW, ORDINANCE, RULE OR REGULATION.

(59) TO USE THE PROCEEDS OF ANY DEBT OF THE MAYOR AND CITY
COUNCIL OF BALTIMORE, CREATED PURSUANT TO ARTICLE XI SECTION 7 OF
THE CONSTITUTION OF MARYLAND, IN ORDER TO EFFECTUATE ANY PURPOSE
WHICH THE GENERAL ASSEMBLY OF MARYLAND HAS OR MAY HEREAFTER
AUTHORIZE PURSUANT TO ARTICLES XI-G, XI-H, OR XI-I OF THE
CONSTITUTION OF MARYLAND, AS FOLLOWS:

(A) TO MAKE OR CONTRACT TO MAKE FINANCIAL LOANS TO ANY
PERSON OR OTHER LEGAL ENTITY TO BE USED FOR OR IN CONNECTION WITH
THE REHABILITATION, RENOVATION, REDEVELOPMENT, OR IMPROVEMENT OF
BUILDINGS OR STRUCTURES LOCATED WITHIN THE BOUNDARIES OF
BALTIMORE CITY, WHICH BUILDINGS OR STRUCTURES ARE TO BE USED OR
OCCUPIED FOR RESIDENTIAL PURPOSES;

(B) TO GUARANTEE OR INSURE FINANCIAL LOANS MADE BY THIRD
PARTIES TO ANY PERSON OR OTHER LEGAL ENTITY TO BE USED FOR OR IN
CONNECTION WITH THE REHABILITATION, RENOVATION, REDEVELOPMENT, OR
IMPROVEMENT OF BUILDINGS OR STRUCTURES LOCATED WITHIN THE
BOUNDARIES OF BALTIMORE CITY, WHICH BUILDINGS OR STRUCTURES ARE
TO BE USED OR OCCUPIED FOR RESIDENTIAL PURPOSES;

(C) TO MAKE OR CONTRACT TO MAKE FINANCIAL LOANS TO ANY
PERSON OR OTHER LEGAL ENTITY TO BE USED FOR OR IN CONNECTION WITH
THE PURCHASE OR ACQUISITION OF LEASEHOLD OR FEE SIMPLE INTERESTS
IN BUILDINGS OR STRUCTURES, AND FOR CONSTRUCTION, RECONSTRUCTION,
ERECTION, DEVELOPMENT, REHABILITATION, RENOVATION, REDEVELOPMENT,
OR IMPROVEMENT OF BUILDINGS OR STRUCTURES, LOCATED WITHIN THE
BOUNDARIES OF BALTIMORE CITY, WHICH BUILDINGS OR STRUCTURES ARE
TO BE USED OR OCCUPIED FOR COMMERCIAL PURPOSES;

(D) TO GUARANTEE OR INSURE FINANCIAL LOANS MADE BY THIRD
PARTIES TO ANY PERSON OR OTHER LEGAL ENTITY TO BE USED FOR OR IN