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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 5. MARYLAND AGRICULTURAL AND RESOURCE-BASED INDUSTRY DEVELOPMENT CORPORATION |
§ 10-501. 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. 41, § 13-501(a).
** REVISOR'S NOTE
The only changes are in style.
(b) Agricultural loan. -- "Agricultural loan" means a loan made to a person by a lender to finance:
(1) land acquisition or improvement;
(2) agricultural, aquacultural, equine, horticultural, or silvicultural production;
(3) soil conservation;
(4) pond construction;
(5) irrigation;
(6) water well drilling;
(7) improvement of a structure or facility;
(8) purchase of a farm fixture, livestock, or poultry;
(9) fish, crustaceans, or mollusks of any kind;
(10) seeds, plants, or trees;
(11) fertilizer;
(12) pesticide;
(13) feed;
(14) equipment; or
(15) containers or supplies employed in the production, cultivation, harvesting, processing, storage, marketing, distribution, or export of an agricultural product.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 13-501(b).
** REVISOR'S NOTE
The former reference to "machinery" is deleted as redundant of the reference to "equipment".
** DEFINED TERMS:
"Agricultural" § 10-501
** DEFINED TERMS:
"Improvement" § 10-501
** DEFINED TERMS:
"Lender" § 10-501
** DEFINED TERMS:
"Person" § 9-101, 10-501
**
(c) Agriculture. -- "Agriculture" means the commercial production, storage, processing, marketing, distribution, or export of an agronomic, aquacultural, equine, floricultural, horticultural, ornamental, silvicultural, or viticultural crop, including: **
(1) a farm product; **
(2) livestock or a livestock product; **
(3) poultry or a poultry product; **
(4) milk or a dairy product; **
(5) timber or a forest product; **
(6) fruit or a horticultural product; and **
(7) seafood or an aquacultural product.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 13-501(c). **
(d) Board. -- "Board" means the Board of Directors of the Corporation.
REVISOR'S NOTE
This subsection formerly was Art. 41, § 13-501(d).
REVISOR'S NOTE
The only changes are in style.
DEFINED TERM:
"Corporation" § 10-501
**
(e) Bond. -- **
(1) "Bond" means a bond of the Corporation issued under this subtitle. **
(2) "Bond" includes: **
(i) a renewal note; **
(ii) a refunding bond; **
(iii) an interim certificate; **
(iv) a certificate of indebtedness; **
(v) a debenture; **
(vi) a warrant; **
(vii) commercial paper; and **
(viii) any other obligation.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 13-501(e).
"Corporation" § 10-501
**
(f) Corporation. -- "Corporation" means the Maryland Agricultural and Resource-Based Industry Development Corporation.
REVISOR'S NOTE
This subsection formerly was Art. 41, § 13-501(f).
REVISOR'S NOTE
The former phrase "established under this subtitle" is deleted as surplusage. **
(g) 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. **
(h) Improve. -- "Improve" means to add, alter, construct, equip, expand, extend, 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, reconstruction, rehabilitation, remodeling, or repair.
REVISOR'S NOTE
This subsection is new language added for brevity and clarity. **
(j) Lender. -- **
(1) "Lender" means a financial institution authorized to do business in the State or operating under the supervision of a federal unit. **
(2) "Lender" includes: **
(i) a bank; **
(ii) a trust company; **
(iii) a federal land bank; **
(iv) a farm credit association; **
(v) a bank for cooperatives; **
(vi) insurance company; **
(vii) investment banker; **
(viii) mortgage banker or company; **
(ix) pension or retirement fund; **
(x) savings and loan association; **
(xi) small business investment company; or **
(xii) credit union.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 13-501(g).
REVISOR'S NOTE
In paragraph (2) of this subsection, the former references to a "building and loan association", a "homestead [association]", and a "savings bank" are deleted as included in the reference to a "savings and loan association". See Ch. 205, Acts of 1961.
"State" § 9-101
**
(k) Person. -- **
(1) "Person" has the meaning stated in § 9-101 of this article. **
(2) "Person" also includes a unit of a state or of the federal government.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 13-501(h).
REVISOR'S NOTE
In paragraph (1) of this subsection, the cross-reference to § 9-101 of this article is substituted for the former definition of "person" now revised in that provision.
DEFINED TERMS:
"Person" § 9-101
DEFINED TERMS:
"State" § 9-101
**
(l) 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 purposes listed in § 10-502 of this subtitle, whether or not the property, or any interest in the property: **
(i) is or will be used or operated for profit or not for profit; **
(ii) is or will be located on one or more sites; or **
(iii) may be financed by bonds, the interest on which is exempt from taxation under federal law. **
(2) "Project" includes: **
(i) property and rights related to the property, appurtenances, rights-of-way, franchises, easements, and other interests in property; **
(ii) structures, equipment, furnishings, rail or motor vehicles, barges, and boats; **
(iii) property that is functionally related and subordinate to a project; and **
(iv) 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. 41, § 13-501(i).
REVISOR'S NOTE
In paragraph (2)(i) of this subsection, the former references to "[l]and or any interest in land" and "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)(i) of this subsection, the reference to interests in "property" is substituted for the former reference to interests in "land" for consistency within this title.
REVISOR'S NOTE
In paragraph (2)(ii) of this subsection, the former reference to "[b]uildings" is deleted as included in the comprehensive reference to "structures".
REVISOR'S NOTE
In paragraph (2)(iii) of this subsection, the reference to "property" is substituted for the former reference to "[l]and and facilities" for clarity and consistency within this article.
REVISOR'S NOTE
In paragraph (2)(iv) of this subsection, the defined term "improvement" is substituted for the former word "construction" for clarity and consistency within this article.
"Board" § 10-501
"Bond" § 10-501
"Improvement" § 10-501
"Project" § 10-501
**
(m) Revenue. -- **
(1) "Revenue" means the income, revenue, and other money received by the Corporation from or in connection with a project and all other income of the Corporation. **
(2) "Revenue" 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. 41, § 13-501(j)(1) and (2).
REVISOR'S NOTE
As to the power of the Corporation to define or limit the defined term "revenue", see § 10-509 of this subtitle.
"Corporation" § 10-501
"Project" § 10-501