1996

LAWS OF MARYLAND

Ch. 494

(d) The premiums set by the Authority shall be payable
[by the mortgagor or the mortgagee] AT THE TIME AND in the
manner that the Authority requires.

13-136.

(a)  The Authority shall waive the premium for insuring
the [mortgage] LOAN payments OR BOND PAYMENTS as to an
industrial project if the Authority [finds] DETERMINES AT
THE TIME OF APPROVAL OF THE LOAN OR THE ISSUANCE OF BONDS
that the INDUSTRIAL project is in a [county] POLITICAL
SUBDIVISION for which the average unemployment rate is at
least 1 percent greater than the average unemployment rate
for the United States, as determined under this section.
THE DETERMINATION BY THE AUTHORITY SHALL BE EFFECTIVE
THROUGHOUT THE TERM OF THE LOAN OR BONDS.

(b) (1) Average unemployment rates for a [county]
POLITICAL SUBDIVISION shall be as established by the State
Employment Security Administration.

(2)  Average unemployment rates for the United
States shall be as established by the United States
Department of Labor.

(3)  The Authority shall:

(i) Annually review the rates; and

(ii) Consider rates established for a
12-month period ending no more than 12 months before the
date of review.

Part V. Participation of Public Bodies

13-140.

(a) Subject to the provisions of this subtitle and
notwithstanding anything in its charter, a public body may:

(1)  Acquire, either by buying or construction,
any industrial project for which the [mortgage] loan [is] OR
THE BONDS ARE approved by the Authority;

(2)  Borrow money to:

(i) Defray the cost of acquiring the
project; or

(ii) Relend to an industrial project
applicant under § 13-151.

(3)  If the public body is the [mortgagor]
BORROWER, execute [a mortgage to secure the mortgage loan]
LOAN DOCUMENTS; and