§ 13-801. Definitions
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Financial Institutions, § 13-801
§ 13-801. Definitions
(a) In this subtitle the following words have the meanings indicated, unless otherwise required by the context.
(b) “Bonds” means any bonds, notes, or other obligations of an issuer, the interest on which is exempt from federal taxation under the Code and the tax-exempt status of which is subject to the volume limitation established under § 146 of the Code.
(c) “Code” means the Internal Revenue Code of 1986, as amended, and the applicable regulations thereunder.
(d) “Community Development Administration” means that division of the Department of Housing and Community Development established under Title 4, Subtitle 2 of the Housing and Community Development Article.
(f) “Housing bonds” means any “qualified mortgage bonds” and bonds for any “qualified residential rental project” as those terms are defined in the Code.
(h) “Local issuer” means any county, municipality, or industrial development authority established under Title 12, Subtitle 1 of the Economic Development Article, or other agency with authority to issue bonds, other than a State issuer.
(i) “Maryland State ceiling” means the volume limitation established pursuant to § 146 of the Code on the aggregate dollar amount of bonds that may be issued by State and local issuers in any calendar year.
(j) “Minority business enterprise” means the minority business enterprises as defined in § 14-301 of the State Finance and Procurement Article.
(k) “Municipality” means any municipal corporation subject to the provisions of Article XI-E of the Maryland Constitution.
(m) “Secretary's reserve” means the allocation of the Maryland State ceiling initially made under § 13-802(4) of this subtitle and augmented under § 13-805 of this subtitle.
Credits
Added by Acts 1987, c. 311, § 6, eff. July 1, 1987. Amended by Acts 1987, c. 598, §§ 1, 3; Acts 1988, c. 6, §§ 1, 8, 12; Acts 1989, c. 5, § 1; Acts 1990, c. 6, § 2; Acts 1992, c. 22, § 1; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 2005, c. 44, § 1, eff. Oct. 1, 2005; Acts 2006, c. 44, § 1, eff. April 8, 2006; Acts 2008, c. 307, § 1, eff. Oct. 1, 2008; Acts 2009, c. 60, § 1, eff. April 14, 2009; Acts 2017, c. 62, § 6.
MD Code, Financial Institutions, § 13-801, MD FIN INST § 13-801
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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