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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 1. MARYLAND ECONOMIC DEVELOPMENT CORPORATION |
§ 10-101. Definitions
Latest version.
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(a) In general. -- In this subtitle the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-201(a).
** REVISOR'S NOTE
No changes are made.
(b) Board. -- "Board" means the Board of Directors of the Corporation.
** REVISOR'S NOTE
This subsection is new language added to avoid repetition of the full title of the "Board of Directors".
** DEFINED TERM:
"Corporation" § 10-101
**
(c) Bond. -- **
(1) "Bond" means a bond or note of the Corporation issued under this subtitle. **
(2) "Bond" includes: **
(i) a bond anticipation note; **
(ii) a revenue anticipation note; **
(iii) a grant anticipation note; **
(iv) a refunding bond; **
(v) a note in the nature of commercial paper; and **
(vi) any other evidence of indebtedness of the Corporation, whether a general or limited obligation.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-201(b).
"Corporation" § 10-101
**
(d) Corporation. -- "Corporation" means the Maryland Economic Development Corporation.
REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-201(c).
REVISOR'S NOTE
No changes are made. **
(e) Cost. -- "Cost" includes: **
(1) the purchase price of a project; **
(2) the cost to acquire any right, title, or interest in a project; **
(3) the cost of any improvement; **
(4) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of the project in the Corporation or other owner; **
(5) the cost of any property, right, easement, franchise, and permit;**
(6) the cost of labor and equipment; **
(7) financing charges; **
(8) interest before and during construction and, if the Corporation determines, for a limited period after the completion of construction; **
(9) reserves for principal and interest and for improvements; **
(10) the cost of revenue and cost estimates, engineering and legal services, plans, specifications, studies, surveys, demonstrations, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement; **
(11) administrative expenses; and **
(12) other expenses as necessary or incident to: **
(i) financing a project; **
(ii) acquiring and improving a project; **
(iii) placing a project in operation by the Corporation or other owner, including reasonable provision for working capital; and **
(iv) operating and maintaining a project.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-201(d).
REVISOR'S NOTE
In item (2) of this subsection, the former reference to a "portion of" an interest in a project is deleted for brevity. Similarly, in item (4) of this subsection, the former reference to "title to the project" is deleted as included in the reference to "any part of the project".
REVISOR'S NOTE
Also in item (2) of this subsection, the words "in a project" are added for clarity.
REVISOR'S NOTE
In item (6) of this subsection, the former reference to "machinery" is deleted as redundant of the reference to "equipment".
DEFINED TERMS:
"Corporation" § 10-101
DEFINED TERMS:
"Finance" § 10-101
DEFINED TERMS:
"Improve" § 10-101
DEFINED TERMS:
"Improvement" § 10-101
DEFINED TERMS:
"Project" § 10-101
**
(f) Finance. -- "Finance" includes refinance.
REVISOR'S NOTE
This subsection is new language added to avoid repetition of the phrase "finance or refinance" and its variants and for consistency within this title. **
(g) Governmental unit. -- "Governmental unit" means a county, municipal corporation, unit of State or local government, or other public body created under State or local law.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-201(g), which defined "[p]olitical subdivision".
"County" § 9-101
"State" § 9-101
**
(h) Improve. -- "Improve" means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
REVISOR'S NOTE
This subsection is new language added for brevity and clarity. **
(i) Improvement. -- "Improvement" means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
REVISOR'S NOTE
This subsection is new language added for brevity and clarity. **
(j) Person. -- **
(1) "Person" has the meaning stated in § 9-101 of this article. **
(2) "Person" also includes: **
(i) a person that is created, owned, or controlled by the Corporation or of which the Corporation is a member; **
(ii) a for-profit or not-for-profit entity; and **
(iii) a governmental unit.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-201(f).
"Corporation" § 10-101
"Person" § 9-101
**
(k) Project. -- **
(1) "Project" means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the legislative purposes listed in § 10-104(b) of this subtitle, whether or not the property: **
(i) is or will be used or operated for profit or not for profit; **
(ii) is or will be located on a single site or multiple sites; or **
(iii) may be financed by bonds, the interest on which is exempt from income taxation under federal law. **
(2) "Project" includes: **
(i) land or an interest in land; **
(ii) structures, equipment, furnishings, rail or motor vehicles, barges, and boats; **
(iii) property and rights related to the property, appurtenances, rights-of-way, franchises, and easements; **
(iv) property that is functionally related and subordinate to property described in this subsection; and **
(v) patents, licenses, and other rights necessary or useful in the improvement or operation of a project.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-201(h)(1) and (2).
REVISOR'S NOTE
In the introductory language of paragraph (1) of this subsection, the former reference to a "find[ing]" is deleted in light of the reference to a "determin[ation]".
REVISOR'S NOTE
In paragraph (1)(iii) of this subsection, the former reference to "federal" income taxation is deleted in light of the reference to "federal law".
REVISOR'S NOTE
In paragraph (2)(ii) of this subsection, the former reference to "buildings" is deleted as included in the reference to "structures".
REVISOR'S NOTE
In paragraph (2)(iii) of this subsection, the former references to "real or personal" property "or any combination of them" are deleted as included in the comprehensive reference to "property".
REVISOR'S NOTE
Also in paragraph (2)(iii) of this subsection, the former reference to "other interests in land" is deleted as redundant to paragraph (2)(i) of this subsection.
REVISOR'S NOTE
Former Art. 83A, § 5-201(h)(3), which defined an exception to the defined term "project", is revised as a scope provision. See § 10-103 of this subtitle.
"Board" § 10-101
"Bond" § 10-101
"Improvement" § 10-101
**
(l) Revenues. -- **
(1) "Revenues" means the income, revenue, and other money the Corporation receives from or in connection with a project, and all other income of the Corporation, subject to § 10-115(11) of this subtitle. **
(2) "Revenues" includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-201(i), as it defined "revenues".
REVISOR'S NOTE
In paragraph (1) of this subsection, the word "means" is substituted for the former word "includes" to reflect that paragraph (1) of this subsection is intended to be an exhaustive definition of the word "revenues".
REVISOR'S NOTE
As to the power of the Corporation to further define or limit the term "revenues", see § 10-115(11) of this subtitle.
REVISOR'S NOTE
As to the inclusion of certain proceeds and investment income in project "revenues", see § 10-123(b)(2)(ii) of this subtitle.
"Corporation" § 10-101
"Project" § 10-101