2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 10-101 - Definitions

§10-101.

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

(b) “Board” means the Board of Directors of the Corporation.

(c) (1) “Bond” means a bond or note of the Corporation 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 Corporation, whether a general or limited obligation.

(d) “Corporation” means the Maryland Economic Development Corporation.

(e) “Cost” includes:

(1) the purchase price of a project;

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

(3) the cost of any improvement;

(4) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of the project in the Corporation or other owner;

(5) the cost of any property, right, easement, franchise, and permit;

(6) the cost of labor and equipment;

(7) financing charges;

(8) interest before and during construction and, if the Corporation determines, for a limited period after the completion of construction;

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

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

(11) administrative expenses; and

(12) other expenses as necessary or incident to:

(i) financing a project;

(ii) acquiring and improving a project;

(iii) placing a project in operation by the Corporation or other owner, including reasonable provision for working capital; and

(iv) operating and maintaining a project.

(f) “Finance” includes refinance.

(g) “Governmental unit” means a county, municipal corporation, unit of State or local government, or other public body created under State or local law.

(h) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.

(i) “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.

(j) (1) “Person” has the meaning stated in § 9-101 of this article.

(2) “Person” also includes:

(i) a person that is created, owned, or controlled by the Corporation or of which the Corporation is a member;

(ii) a for-profit or not-for-profit entity; and

(iii) a governmental unit.

(k) (1) “Project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the legislative purposes listed in § 10-104(b) of this subtitle, whether or not the property:

(i) is or will be used or operated for profit or not for profit;

(ii) is or will be located on a single site or multiple sites; or

(iii) may be financed by bonds, the interest on which is exempt from income taxation under federal law.

(2) “Project” includes:

(i) land or an interest in land;

(ii) structures, equipment, furnishings, rail or motor vehicles, barges, and boats;

(iii) property and rights related to the property, appurtenances, rights-of-way, franchises, and easements;

(iv) property that is functionally related and subordinate to property described in this subsection; and

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

(l) (1) “Revenues” means the income, revenue, and other money the Corporation receives from or in connection with a project, and all other income of the Corporation, subject to § 10-115(11) of this subtitle.

(2) “Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.