HARRY HUGHES, Governor

1995

13-133.

The Authority may not insure the [mortgage] payments of
any proposed [mortgage] loan OR BONDS if the total amount of
the insured portions of the principal obligations of all
[mortgages] LOANS OR BONDS outstanding at any one time would
exceed an amount equal to five times the balance in the
fund.

13-134.

(a)  To be eligible for insurance under this subtitle,
the principal obligation of a [mortgage] LOAN OR BONDS
ISSUED TO FINANCE THE ACQUISITION OF AN INDUSTRIAL PROJECT
may not exceed 100 percent of the cost of project.

(b)  The Authority may insure the principal obligation
of a [mortgage] LOAN OR BONDS ISSUED TO FINANCE THE
ACQUISITION OF ONE OR MORE INDUSTRIAL PROJECTS only to the
extent of[:

(1)] $5,000,000 as to any one project[;

(2)  90 percent of the cost of project as to real
property; and

(3)  70 percent of the cost of project as to
machinery and equipment].

13-135.

(a)  The Authority may set the premiums to be paid to
it for insuring [mortgage] payments under this subtitle.

(b)  In its discretion, the Authority may compute the
premiums:

(1)  As a percentage of the entire principal
obligation outstanding at the beginning of each [mortgage]
year DURING THE TERM OF THE LOAN OR BONDS; or

(2)  As a percentage of only the insured portion
of the principal obligation outstanding at the beginning of
each [mortgage] year DURING THE TERM OF THE LOAN OR BONDS.

(c)  The premium rate:

(1)  Shall be set on the basis of all relevant
information available;

(2)  May not be more than 3 percent of the entire
principal obligation outstanding at the beginning of each
[mortgage] year DURING THE TERM OF THE LOAN OR BONDS; and

(3)  Need not be uniform among the loans OR BONDS
that the Authority insures.