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§ 12-101. Definitions

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2017

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, 2017
MD Code, Economic Development, § 12-101
§ 12-101. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Authority
(b) “Authority” means an industrial development authority established in accordance with § 12-105 of this subtitle.
Bond
(c)(1) “Bond” means a revenue bond, note, or other instrument, certificate, or evidence of obligation that is issued and sold by a public body under this subtitle to finance a facility or to refund an outstanding bond.
(2) “Bond” includes:
(i) a bond anticipation note; and
(ii) a note in the nature of commercial paper.
Chief executive
(d) “Chief executive” means the president, chair, mayor, county executive, or any other chief executive officer of a public body.
Facility
(e) “Facility” means any land or an interest in land, structure, working capital, equipment, or other property, or any combination of them, the acquisition or improvement of which the legislative body of a county or municipal corporation, the board of directors of an authority, or the Maryland Industrial Development Financing Authority, in its sole discretion, determines by resolution will accomplish one or more of the legislative purposes listed in § 12-103(b) of this subtitle.
Facility applicant
(f) “Facility applicant” means a person, public or private corporation, or other entity, whether for-profit or nonprofit, that, by letter of intent or similar agreement with a public body, requests the public body to participate in financing a facility under this subtitle for use by a facility user.
Facility user
(g)(1) “Facility user” means a person, public or private corporation, or other entity, whether for-profit or nonprofit, that owns, leases, or uses all or part of a facility.
(2) “Facility user” may include a facility applicant.
Finance
(h) “Finance” includes refinance.
Finance board
(i)(1) “Finance board” means a unit or instrumentality of a county or municipal corporation that is authorized by statute or charter to issue and sell bonds of the county or municipal corporation.
(2) “Finance board” does not include the legislative body of a county or municipal corporation.
Improve
(j) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
Improvement
(k) “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
Public body
(l) “Public body” means:
(1) a county;
(2) a municipal corporation;
(3) an authority; or
(4) the Maryland Industrial Development Financing Authority.
Public port
(m)(1) “Public port” means the public ports and harbors on the Chesapeake Bay or the Isle of Wight Bay and their tributaries in the State.
(2) “Public port” includes:
(i) the Baltimore Harbor (the Patapsco River and its tributaries north and west of North Point and Bodkin Point);
(ii) the Port of Cambridge (the south side of the Choptank River between Hambrook's Bar and the Emerson C. Harrington Bridge); and
(iii) the Port of Crisfield (the Little Annemessex River east of James Island).

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2017, c. 631, § 1, eff. Oct. 1, 2017.
MD Code, Economic Development, § 12-101, MD ECON DEV § 12-101
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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