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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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LOCAL GOVERNMENT |
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DIVISION II. MUNICIPALITIES |
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TITLE 5. POWERS |
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SUBTITLE 4. ESTABLISHMENT OF LAND BANK AUTHORITIES BY MUNICIPALITIES |
§ 5-401. 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. 23A, § 52(a).
** REVISOR'S NOTE
No changes are made.
(b) Authority. -- "Authority" means a nonprofit or quasi-governmental entity created by a municipality under § 5-403 of this subtitle.
** REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(b).
** REVISOR'S NOTE
The only changes are in style.
** DEFINED TERM:
"Municipality" § 1-101
**
(c) Board. -- "Board" means the board of directors of an authority.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(c).
REVISOR'S NOTE
No changes are made.
"Authority" § 5-401
**
(d) Bond. -- **
(1) "Bond" means a bond issued by an authority under this subtitle. **
(2) "Bond" includes a bond, a refunding bond, a note, and any other obligation.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(d).
REVISOR'S NOTE
No changes are made.
"Authority" § 5-401
**
(e) Cost. -- "Cost" includes: **
(1) the purchase price of property; **
(2) the cost to acquire any right, title, or interest in property; **
(3) the cost of any improvements made to property; **
(4) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of property in an authority or other owner; **
(5) the cost of any property, right, easement, franchise, or permit associated with a project; **
(6) the cost of labor, machinery, and equipment necessary to implement a project; **
(7) financing charges; **
(8) interest and reserves for principal and interest and for improvements; **
(9) the cost of revenue and cost estimates, engineering and legal services, plans, specifications, studies, surveys, and other expenses necessary or incident to determining the feasibility or practicability of a project; **
(10) administrative expenses; and **
(11) other expenses as necessary or incident to: **
(i) financing a project; **
(ii) acquiring and improving a project; **
(iii) placing a project in operation, including reasonable provisions for working capital; and **
(iv) operating and maintaining a project.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(e).
REVISOR'S NOTE
The only changes are in style.
DEFINED TERMS:
"Authority" § 5-401
DEFINED TERMS:
"Project" § 5-401
DEFINED TERMS:
"Revenue" § 5-401
**
(f) Project. -- **
(1) "Project" means any organized plan carried out by an authority in relation to: **
(i) acquiring and rehabilitating abandoned and dilapidated properties; and **
(ii) marketing and leasing or selling the rehabilitated properties. **
(2) "Project" includes: **
(i) acquiring land or an interest in land; **
(ii) acquiring structures, equipment, and furnishings located on a property; **
(iii) acquiring property that is functionally related and subordinate to a project; and **
(iv) obtaining or contracting for any services necessary for the rehabilitation of a property.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(g).
REVISOR'S NOTE
No changes are made.
DEFINED TERM:
"Authority" § 5-401
**
(g) Revenue. -- **
(1) "Revenue" means the income, revenue, and other money an authority receives from or in connection with a project and all other income of an authority. **
(2) "Revenue" includes grants, rentals, rates, fees, and charges.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(h).
REVISOR'S NOTE
The only changes are in style.
DEFINED TERMS:
"Authority" § 5-401
DEFINED TERMS:
"Project" § 5-401
**
(h) Tax sale property. -- "Tax sale property" means property or an interest in property sold by the tax collector of the county in accordance with Title 14, Subtitle 8, Part III of the Tax - Property Article.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(i).
REVISOR'S NOTE
No changes are made.
"County" § 1-101
"Tax collector" § 1-101
**
(i) Trust agreement. -- **
(1) "Trust agreement" means an agreement entered into by an authority to secure a bond. **
(2) "Trust agreement" includes a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.
REVISOR'S NOTE
This subsection formerly was Art. 23A, § 52(j).
REVISOR'S NOTE
The only changes are in style.
"Authority" § 5-401
"Bond" § 5-401