1998

LAWS OF MARYLAND

Ch. 494

(2)  The provisions of this subtitle that relate
to acquisition by a public body shall be considered to be
complied with; and

(3)  The public body may be reimbursed for its
cost of project from the proceeds of the [mortgage] LOAN OR
BONDS.

13-143.

An industrial project that is [acquired] FINANCED by a
public body OR THE AUTHORITY under this subtitle is NOT
SUBJECT TO THE PROVISIONS OF § 9-113 OF THE REAL PROPERTY
ARTICLE OF THE CODE AND IS not a capital project of the
public body OR THE AUTHORITY, notwithstanding anything in
[its] THE PUBLIC BODY'S charter OR THIS SUBTITLE.

13-144.

The [acquisition or construction] FINANCING of an
industrial project by a public body OR THE AUTHORITY under
this subtitle is not subject to the requirements of any law
regarding competitive bidding [if:

(1)  The tenant so requests; and

(2)  The Authority approves the contracts for the
acquisition or construction].

13-145.

[If a public body participates as borrower under this
subtitle, the interest payable under the mortgage loan or on
bonds issued as provided in § 13-140 is exempt from all
income taxes imposed by this State or any political

subdivision. ] LOANS MADE OR BONDS ISSUED UNDER THE

PROVISIONS OF THIS SUBTITLE, THEIR TRANSFER, THE INTEREST
PAYABLE THEREON AND ANY INCOME DERIVED THEREFROM, INCLUDING
ANY PROFIT REALIZED BY THE SALE OR EXCHANGE THEREOF, SHALL
AT ALL TIMES BE EXEMPT FROM TAXATION OF EVERY KIND AND
NATURE WHATSOEVER BY THE STATE, OR BY ANY OF ITS POLITICAL
SUBDIVISIONS, MUNICIPAL CORPORATIONS, OR PUBLIC UNITS OF ANY
KIND. THE PRINCIPAL AMOUNT OF LOANS OR BONDS, THE INTEREST
PAYABLE THEREON, THEIR TRANSFER, AND ANY INCOME DERIVED
THEREFROM, INCLUDING ANY PROFIT IN THE SALE OF OR TRANSFER
THEREOF, ARE AND SHALL REMAIN EXEMPT FROM TAXATION BY THE
STATE AND BY ITS SEVERAL COUNTIES AND MUNICIPALITIES.

13-146.

(a) A public body that acts as a [mortgagor] BORROWER
may agree with the tenant of any industrial project acquired
by the public body under this subtitle that, when the
[mortgage] LOAN OR BONDS has been paid in full, the tenant
may buy or otherwise acquire the project.