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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 11. MILITARY INSTALLATION SUPPORT |
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SUBTITLE 4. BAINBRIDGE DEVELOPMENT CORPORATION |
§ 11-401. 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, § 5-1601(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" § 11-401
**
(c) Bond. -- **
(1) "Bond" means a bond or note issued on behalf of the Corporation. **
(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 issued on behalf of the Corporation, whether a general or limited obligation of the Corporation.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1601(b).
"Corporation" § 11-401
**
(d) Corporation. -- "Corporation" means the Bainbridge Development Corporation.
REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-1601(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 amount to be paid to discharge each obligation necessary or desirable to vest title to any part of a project in the Corporation or other owner; **
(4) the cost of any improvement; **
(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 estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement of a project; **
(11) administrative expenses; and **
(12) other expenses necessary or incident to: **
(i) financing a project; **
(ii) acquiring, improving, and marketing a project; **
(iii) placing a project in operation, 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, § 5-1601(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 (3) 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
In item (5) of this subsection, the former reference to "lands" is deleted as included in the comprehensive reference to "property".
REVISOR'S NOTE
In item (10) of this subsection, the former reference to "practicability" of an acquisition is deleted as included in the reference to "feasibility".
REVISOR'S NOTE
In item (12)(iii) of this subsection, the former reference to placing a project in operation "by the Corporation or other owner" is deleted as implicit.
DEFINED TERMS:
"Corporation" § 11-401
DEFINED TERMS:
"Finance" § 9-101
DEFINED TERMS:
"Improve" § 11-401
DEFINED TERMS:
"Improvement" § 11-401
DEFINED TERMS:
"Project" § 11-401
**
(f) County Commissioners. -- "County Commissioners" means the Board of County Commissioners of Cecil County.
REVISOR'S NOTE
This subsection is new language added to avoid repetition of the full title of the "Board of County Commissioners of Cecil County". **
(g) Finance. -- "Finance" includes refinance.
REVISOR'S NOTE
This subsection is new language added for clarity and consistency within this article. **
(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 a political subdivision.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1601(f).
DEFINED TERM:
"Person" § 9-101
**
(k) Project. -- **
(1) "Project" means an undertaking to establish economic activity on property conveyed to the Corporation known as the Bainbridge Naval Training Center, including the historic Tome School for Boys, at Port Deposit, Maryland, whether or not a facility or property used or useful in connection with the undertaking 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, and easements; **
(ii) infrastructure, equipment, and furnishings; **
(iii) property that is functionally related and subordinate to a project; and **
(iv) patents, licenses, and other rights necessary or useful in the construction or operation of a project.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1601(g).
REVISOR'S NOTE
In paragraph (1) of this subsection, the reference to a facility or property "used or useful in connection with the undertaking" is substituted for the former reference to "these" facilities or properties for clarity and consistency within this article.
REVISOR'S NOTE
In paragraph (2)(i) of this subsection, the former references to "lands" and "other interests in land" are deleted as included in the comprehensive reference to "property".
REVISOR'S NOTE
In paragraph (2)(iii) of this subsection, the reference to "property" is substituted for the former reference to "land and facilities" for brevity and clarity.
DEFINED TERMS:
"Bond" § 11-401
DEFINED TERMS:
"Corporation" § 11-401
DEFINED TERMS:
"Finance" § 11-401
DEFINED TERMS:
"Project" § 11-401
**
(l) Revenues. -- **
(1) "Revenues" means: **
(i) the income, revenue, and other money the Corporation receives from or in connection with a project; and **
(ii) all other income of the Corporation. **
(2) "Revenues" includes grants, rentals, rates, fees, and charges for the use of services furnished or available.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1601(h).
"Corporation" § 11-401
"Project" § 11-401