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§ 12-105. Industrial development authorities--In general

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 12. Local Development Authorities and Resources (Refs & Annos)
Subtitle 1. Economic Development Revenue Bond Act (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 12-105
§ 12-105. Industrial development authorities--In general
Currentness
Authority to establish
(a) To accomplish one or more of the legislative purposes listed in § 12-103(b) of this subtitle, the legislative body of a county or municipal corporation may adopt a resolution to create an industrial development authority in accordance with this subtitle.
Nature of resolution; approval
(b) A resolution adopted under subsection (a), (f), or (g) of this section:
(1) is administrative in nature;
(2) is not subject to referendum; and
(3) in a county or municipal corporation that has a publicly elected chief executive, is subject to approval by the chief executive.
Additional action
(c) Subsection (a) of this section is self-executing and fully authorizes a county or municipal corporation to establish an authority, notwithstanding any other statutory or charter provision.
Contents of resolution
(d) A resolution adopted under subsection (a) of this section shall include proposed articles of incorporation of the authority that state:
(1) the name of the authority, which shall be “Industrial Development Authority of (name of the incorporating county or municipal corporation)”;
(2) that the authority is formed under this subtitle;
(3) the names, addresses, and terms of office of the initial members of the board of directors of the authority;
(4) the address of the principal office of the authority;
(5) the purposes for which the authority is formed; and
(6) the powers of the authority subject to the limitations on the powers of an authority under this subtitle.
Articles of incorporation--Filing
(e)(1) The chief executive of the incorporating county or municipal corporation, or any other official designated in the resolution establishing the authority, shall execute and file the articles of incorporation of the authority for record with the State Department of Assessments and Taxation.
(2) When the State Department of Assessments and Taxation accepts the articles of incorporation for record, the authority becomes a body politic and corporate and an instrumentality of the incorporating county or municipal corporation.
(3) Acceptance of the articles of incorporation for record by the State Department of Assessments and Taxation is conclusive evidence of the formation of the authority.
Articles of incorporation--Amendment
(f)(1) By resolution, the legislative body of the incorporating county or municipal corporation may adopt an amendment to the articles of incorporation of the authority.
(2) Articles of amendment may contain any provision that lawfully could be contained in articles of incorporation at the time of the amendment.
(3) The articles of amendment shall be filed for record with the State Department of Assessments and Taxation.
(4) The articles of amendment are effective as of the time the State Department of Assessments and Taxation accepts the articles for record.
(5) Acceptance of the articles of amendment for record by the State Department of Assessments and Taxation is conclusive evidence that the articles have been lawfully and properly adopted.
Changes in or termination of authority
(g)(1) Subject to the provisions of this section and any limitations imposed by law on the impairment of contracts, the incorporating county or municipal corporation, in its sole discretion, by resolution may:
(i) set or change the structure, organization, procedures, programs, or activities of the authority; or
(ii) terminate the authority.
(2) On termination of an authority:
(i) title to all property of the authority shall be transferred to and vest in the incorporating county or municipal corporation; and
(ii) all obligations of the authority shall be transferred to and assumed by the incorporating county or municipal corporation.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 12-105, MD ECON DEV § 12-105
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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