Maryland Department of Business and Economic Development Section 5-1701

      (a)      In this subtitle the following words have the meanings indicated.

      (b)      "Board" means the Board of Directors of an authority.

      (c)      (1)      "Bond" means a bond or note of an authority issued under this subtitle.

            (2)      "Bond" includes:

                  (i)      A bond anticipation note;

                  (ii)      A revenue anticipation note;

                  (iii)      A grant anticipation note;

                  (iv)      A refunding bond;

                  (v)      A note in the nature of commercial paper; and

                  (vi)      Any other evidence of indebtedness of the authority, whether a general or limited obligation of the authority.

      (d)      "Cost" includes:

            (1)      The purchase price of a project;

            (2)      The cost to acquire all or any right, title, or interest in a project;

            (3)      The amount to be paid to discharge each obligation necessary or desirable to vest title to any part of the project in an authority or other owner;

            (4)      The cost to improve;

            (5)      The cost of lands, properties, rights, easements, franchises, and permits;

            (6)      The cost of labor, machinery, and equipment;

            (7)      Financing charges;

            (8)      Interest before and during construction and, if an authority determines, for a limited period after the completion of construction;

            (9)      Reserves for principal and interest and for improvements;

            (10)      The cost of revenue estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, and other expenses necessary or incident to determining the feasibility or practicability of an acquisition or improvement; and

            (11)      Administrative expenses and other expenses as necessary or incident to:

                  (i)      Financing a project;

                  (ii)      Acquiring and improving a project;

                  (iii)      Placing a project in operation by an authority or other owner, including reasonable provision for working capital; and

                  (iv)      Operating and maintaining a project.

      (e)      "Council" means the Maryland Military Installation Strategic Planning Council.

      (f)      "Improve" means to add, alter, construct, equip, expand, extend, reconstruct, rehabilitate, remodel, or repair.

      (g)      (1)      "Local redevelopment authority" or "authority" means a corporation incorporated in accordance with this subtitle to act as a local redevelopment authority in accordance with criteria set by the U.S. Department of Defense or its military services under the federal Defense Base Closure and Realignment Act of 1990.

            (2)      "Local redevelopment authority" or "authority" does not include:

                  (i)      Bainbridge Development Corporation;

                  (ii)      Holabird Working Group/Baltimore Development Corporation (BDC); or

                  (iii)      PenMar Development Corporation.

      (h)      "MEDCO" means the Maryland Economic Development Corporation established under § 5-203 of this article.

      (i)      (1)      "Person" means an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, partnership, firm, association, corporation, or other entity.

            (2)      "Person" includes a political subdivision.

      (j)      (1)      "Project" means an undertaking to establish economic activity under this subtitle on property to be conveyed to an authority by the U.S. Department of Defense or a military service, whether or not a facility or property used or useful in connection with any activity related to the economic activity on the property:

                  (i)      Is or will be used for profit or not for profit;

                  (ii)      Is located on a single site or multiple sites; or

                  (iii)      May be financed by bonds, the interest of which is exempt from taxation under federal law.

            (2)      "Project" includes:

                  (i)      Land or an interest in land;

                  (ii)      Structures, machinery, equipment, and furnishings;

                  (iii)      Real or personal property, or any continuation of real and personal property, and rights related to the property, appurtenances, rights-of-way, franchises, and easements;

                  (iv)      Land and facilities that are functionally related and subordinate to the project; and

                  (v)      Patents, licenses, and other rights necessary or useful in the improvement or operation of a project.

      (k)      (1)      "Revenues" means the income, revenue, and other money an authority receives from or in connection with a project.

            (2)      "Revenues" includes grants, rentals, rates, fees, charges for the use of the services furnished or available, and all other income of the authority connected with a project.