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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 12. LOCAL DEVELOPMENT AUTHORITIES AND RESOURCES |
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SUBTITLE 1. ECONOMIC DEVELOPMENT REVENUE BOND ACT |
§ 12-101. 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. 41, § 14-101(a).
** REVISOR'S NOTE
The only change is in style.
(b) Authority. -- "Authority" means an industrial development authority established in accordance with § 12-105 of this subtitle.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from the first sentence of former Art. 41, § 14-101(c).
(c) Bond. --
(1) "Bond" means a revenue bond, note, or other instrument, certificate, or evidence of obligation that is issued and sold by a public body under this subtitle to finance a facility or to refund an outstanding bond.
(2) "Bond" includes:
(i) a bond anticipation note; and
(ii) a note in the nature of commercial paper.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(d).
** REVISOR'S NOTE
In paragraph (1) of this subsection, the reference to "a facility" is substituted for the former reference to "1 or more facilities" for brevity and in light of Art. 1, § 8, which provides that the singular generally includes the plural.
** REVISOR'S NOTE
In the introductory language of paragraph (2) of this subsection, the former phrase "without limitation" is deleted as unnecessary in light of Art. 1, § 30, which provides that the term "including" is used "by way of illustration and not by way of limitation".
** DEFINED TERMS:
"Facility" § 12-101
** DEFINED TERMS:
"Finance" § 12-101
** DEFINED TERMS:
"Public body" § 12-101
**
(d) Chief executive. -- "Chief executive" means the president, chair, mayor, county executive, or any other chief executive officer of a public body.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(e).
REVISOR'S NOTE
The reference to the "chair" is substituted for the former reference to the "chairman" because SG § 2-1238 requires the use of words that are neutral as to gender to the extent practicable. See General Revisor's Note to Article.
REVISOR'S NOTE
The former phrase "if any" is deleted as surplusage.
REVISOR'S NOTE
The former phrase "however designated" is deleted in light of the reference to "any other chief executive officer".
REVISOR'S NOTE
The former phrase "whether elected to the office or acting as such under law" is deleted as unnecessary.
DEFINED TERM:
"Public body" § 12-101
**
(e) Facility. -- "Facility" means any land or an interest in land, structure, working capital, equipment, or other property, or any combination of them, the acquisition or improvement of which the legislative body of a county or municipal corporation, the board of directors of an authority, or the Maryland Industrial Development Financing Authority, in its sole discretion, determines by resolution will accomplish one or more of the legislative purposes listed in § 12-103(b) of this subtitle.
REVISOR'S NOTE
This subsection is new language derived without substantive change from the first sentence of former Art. 41, § 14-101(g), except as it related to limitations on financing the acquisition of working capital by the issuance of bonds.
REVISOR'S NOTE
In this subsection and throughout this subtitle, the references to a "municipal corporation" are substituted for the former references to a "municipality" to conform to Md. Constitution, Art. XI-E. See General Revisor's Note to article.
REVISOR'S NOTE
The former reference to "facilities" is deleted in light of the reference to a "facility" and Art. 1, § 8, which provides that the singular generally includes the plural.
REVISOR'S NOTE
The former reference to "buildings" is deleted as included in the reference to "structures".
REVISOR'S NOTE
The former reference to "machinery" is deleted as included in the reference to "equipment".
REVISOR'S NOTE
The former references to "furnishings" and to other "real or personal" property "or interest in them" are deleted as included in the comprehensive reference to "property".
REVISOR'S NOTE
The former reference to "absolute" discretion is deleted in light of the reference to "sole" discretion.
REVISOR'S NOTE
The former reference to a "find[ing]" is deleted in light of the reference to a "determin[ation]".
REVISOR'S NOTE
The former reference to purposes "that or those which may be financed from the proceeds of the issuance and sale of bonds the interest on which is exempt from federal income taxation under the provisions of § 103 of the federal Internal Revenue Code or any other federal statute hereafter enacted" is deleted as surplusage.
REVISOR'S NOTE
As to working capital, see § 12-110(b) of this subtitle.
DEFINED TERMS:
"Authority" § 12-101
DEFINED TERMS:
"Bond" § 12-101
DEFINED TERMS:
"County" § 9-101
DEFINED TERMS:
"Improvement" § 12-101
**
(f) Facility applicant. -- "Facility applicant" means a person, public or private corporation, or other entity, whether for-profit or not-for-profit, that, by letter of intent or similar agreement with a public body, requests the public body to participate in financing a facility under this subtitle for use by a facility user.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(h).
REVISOR'S NOTE
The reference to "a facility" is substituted for the former reference to "1 or more facilities" for brevity and in light of Art. 1, § 8, which provides that the singular generally includes the plural. Similarly, the reference to "a facility user" is substituted for the former reference to "1 or more facility users".
"Facility" § 12-101
"Facility user" § 12-101
"Finance" § 12-101
"Person" § 9-101
"Public body" § 12-101
**
(g) Facility user. -- **
(1) "Facility user" means a person, public or private corporation, or other entity, whether for-profit or not-for-profit, that owns, leases, or uses all or part of a facility. **
(2) "Facility user" may include a facility applicant.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(i).
"Facility" § 12-101
"Facility applicant" § 12-101
"Person" § 9-101
**
(h) Finance. -- "Finance" includes refinance.
REVISOR'S NOTE
This subsection is new language added to avoid repetition of the phrase "finance or refinance". **
(i) Finance board. -- **
(1) "Finance board" means a unit or instrumentality of a county or municipal corporation that is authorized by statute or charter to issue and sell bonds of the county or municipal corporation. **
(2) "Finance board" does not include the legislative body of a county or municipal corporation.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(j).
REVISOR'S NOTE
In paragraph (1) of this subsection, the term "unit" is substituted for the former terms "board" and "agency" for consistency within this article and with other articles of the Code. See General Revisor's Note to article.
REVISOR'S NOTE
Also in paragraph (1) of this subsection, the former reference to being "now or hereafter" authorized to issue and sell bonds is deleted as surplusage.
"Bond" § 12-101
"County" § 9-101
**
(j) 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. **
(k) Improvement. -- "Improvement" means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(b).
REVISOR'S NOTE
The defined term "[i]mprovement" is substituted for the former defined term "[a]cquisition" for clarity since all of the items listed in the former defined term, except "acquisition", are a type of improvement. Correspondingly, the former term "acquisition" is deleted from the defined term "improvement" and is stated separately where appropriate in the revision.
REVISOR'S NOTE
The references to "addition", "alteration", "installation", and "repair" are added for completeness and consistency with the definition of "improvement" in § 10-101(h) of this article.
REVISOR'S NOTE
The former phrase "of 1 or more facilities" is deleted as unnecessary since a reference to a facility is repeated as appropriate whenever the defined term "improvement" is used in this subtitle. **
(l) Public body. -- "Public body" means: **
(1) a county; **
(2) a municipal corporation; **
(3) an authority; or **
(4) the Maryland Industrial Development Financing Authority.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(n).
"Authority" § 12-101
"County" § 9-101
**
(m) Public port. -- **
(1) "Public port" means the public ports and harbors on the Chesapeake Bay or the Isle of Wight Bay and their tributaries in the State. **
(2) "Public port" includes: **
(i) the Baltimore Harbor (the Patapsco River and its tributaries north and west of North Point and Bodkin Point); **
(ii) the Port of Cambridge (the south side of the Choptank River between Hambrook's Bar and the Emerson C. Harrington Bridge); and **
(iii) the Port of Crisfield (the Little Annemessex River east of James Island).
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 41, § 14-101(o).
REVISOR'S NOTE
In the introductory language of paragraph (2) of this subsection, the former phrase "without limitation" is deleted as unnecessary in light of Art. 1, § 30, which provides that the term "including" is used "by way of illustration and not by way of limitation".
DEFINED TERM:
"State" § 9-101