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§ 10-217. Financing another

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 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 2. Maryland Food Center Authority (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-217
§ 10-217. Financing another
Currentness
Person defined
(a)(1) “Person” has the meaning stated in § 9-101 of this article.
(2) “Person” also includes a public or quasi-public corporation.
Power of Authority to finance
(b) Subject to subsection (c) of this section, the Authority may provide financing to a person to accomplish the purposes of this subtitle:
(1) on property that is owned or otherwise held or controlled by the Authority or the State; or
(2) on, under, or in property that is owned or otherwise held or controlled by any other person.
Limitation
(c)(1) This subsection does not apply to an expenditure of money:
(i) in connection with the acquisition of property or the preparation of plans;
(ii) to the employment of staff of the Authority; or
(iii) for other matters that customarily are preliminary to the commencement of construction.
(2) If the Authority provides financing to a person to accomplish the purposes of this subtitle, the Authority may not expend any bond proceeds to acquire or improve a facility until the Authority, with the approval of the Board of Public Works, has entered into a binding contract with the person.
(3) The contract shall:
(i) be secured to the satisfaction of the Board of Public Works; and
(ii) require the person to pay to the Authority or its designee:
1. the principal of and interest on bonds sold under this subtitle as they become due;
2. any fiscal agency charges for paying principal and interest;
3. any charges or fees set by the Authority for its administrative costs and expenses; and
4. any premium on bonds retired by call or purchased as provided in this subtitle.
Administrative costs and expenses
(d) The Authority may charge to and equitably apportion between persons financed by the Authority under this section all or part of the Authority's administrative costs and expenses incurred in exercising its powers and performing its duties under this subtitle.
State and local property taxes
(e) If property is transferred by the Authority to a person financed under this section, the person shall pay any State and local property taxes that accrue after the transfer.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-217, MD ECON DEV § 10-217
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.
End of Document