3502

LAWS OF MARYLAND

Ch. 749

BY adding to

Article II - General Powers

Section (59)

Charter of Baltimore City
(1964 Revision, as amended)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That Article II of the Charter of Baltimore City, being
a part of the Public Local Laws of Maryland read(s) as follows:

Article II - General Powers

(59) (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 PURCHASE OR ACQUISITION OF FEE SIMPLE INTERESTS, OR LESSER
INTERESTS IN LAND AND PROPERTY, AND FOR OR IN CONNECTION WITH
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 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 PROVISIONS OF ANY
STATUTE, LAW, ORDINANCE, RULE OR REGULATION.

FOR the purpose of requiring the Mayor and City Council of
Baltimore to make certain reports regarding the use of
certain funds to the members of the General Assembly
representing Baltimore City adding a new section to Article
II of the Charter of Baltimore City requiring the Board of
Estimates of the Mayor and City Council of Baltimore to make
certain reports to certain members of the General Assembly
concerning certain loans, loan guarantees, and loan
insurance made pursuant to certain authorizations which may
be granted by the General Assembly under Articles XI-G,
XI-H, and XI-I of the Constitution of Maryland; specifying
certain conditions and specifications for these reports; and
generally relating to the powers of Baltimore City.