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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
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TITLE 5. ECONOMIC DEVELOPMENT AND FINANCIAL ASSISTANCE PROGRAMS |
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SUBTITLE 4. MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY |
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PART VI. LINKED DEPOSIT PROGRAM |
§ 5-451. Definitions
Latest version.
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(a) In general. -- In this part the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-927(a)(1).
(b) Applicant. -- "Applicant" means the eligible business applying for fixed asset financing assisted by a linked deposit.
** REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-927(a)(2).
** REVISOR'S NOTE
No changes are made.
(c) Eligible business. -- "Eligible business" means a for-profit business that:
(1) is located in a qualified distressed county;
(2) is in good standing with each State regulatory authority with jurisdiction over the business of the applicant, including the State Workers' Compensation Commission, the Department of Assessments and Taxation, and the Department of Labor, Licensing, and Regulation; and
(3) employs 500 or fewer employees.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-927(a)(3).
** DEFINED TERMS:
"Qualified distressed county" § 1-101
** DEFINED TERMS:
"State" § 1-101
**
(d) Fixed asset financing. -- **
(1) "Fixed asset financing" means a commercial loan to finance: **
(i) the acquisition or improvement of all or part of a building; **
(ii) the acquisition or improvement of the land for the building if not already owned by the applicant; or **
(iii) the acquisition or improvement of equipment. **
(2) "Fixed asset financing" does not include refinancing an existing debt.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-927(a)(4).
REVISOR'S NOTE
In paragraph (1)(ii) of this subsection, the former reference to land on which the building "is located or is to be located" is deleted as surplusage.
REVISOR'S NOTE
In paragraph (1)(iii) of this subsection, the former reference to "machinery" is deleted as redundant of the reference to "equipment". **
(e) Lender. -- "Lender" means a financial institution that: **
(1) is eligible to make commercial loans; **
(2) is a public depository of State funds; **
(3) agrees to receive linked deposits under this part; and **
(4) is insured by the Federal Deposit Insurance Corporation.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-927(a)(5).
REVISOR'S NOTE
In item (3) of this subsection, the reference to this "part" is substituted for the former reference to this "subtitle" for accuracy.
DEFINED TERM:
"State" § 1-101
**
(f) Linked deposit. -- "Linked deposit" means a deposit that the Authority places with a lender that earns interest below the prevailing market rate for equivalent deposits made with the lender at the time of the deposit.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-927(a)(6).
DEFINED TERMS:
"Authority" § 5-401
DEFINED TERMS:
"Lender" § 5-451
**
(g) Program. -- "Program" means the Linked Deposit Program established under § 5-452 of this subtitle.
REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-901(v).
REVISOR'S NOTE
The only changes are in style.