§ (57). Loans for industrial purposes.

From or in connection with funds available to the Mayor and City Council of Baltimore pursuant to Article XI-I of the Constitution of the State of Maryland, to make, purchase, contract to make, or otherwise acquire financial loans to any person or other legal entity and to guarantee or insure financial loans made by third parties to any person or other legal entity, such financial loans 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 industrial purposes.

The term "industrial purposes" shall embrace every type or branch of business, conducted for a livelihood or for profit, or conducted on a nonprofit basis, provided that the building or structure may be financed by obligations the interest on which is exempt from federal income taxation under the provisions of any federal statute, including the provisions of Section 103 of the Internal Revenue Code of 1954, as now or hereafter amended.

It is hereby found and determined that conditions of unemployment exist in Baltimore City and the development of business of all types (including, without limitation, manufacturing, commerce, research, education, real estate development, and recreation) is essential to relieve this unemployment and to establish a balanced economy in Baltimore City.

In connection with such loans and guarantees, the City may make loans directly for qualifying projects and may guarantee or insure loans made by third parties for such projects, including loans made in the form of the acquisition by a third party of revenue bonds or any other evidence of indebtedness.