US Laws, Codes, Statutes & Cases

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

      (b)      "Agricultural loan" means a loan made by a lending institution to any person for the purpose of financing:

            (1)      Land acquisition or improvement;

            (2)      Agricultural, aquacultural, equine, horticultural, or silvicultural production;

            (3)      Soil conservation;

            (4)      Pond construction;

            (5)      Irrigation;

            (6)      Water well drilling;

            (7)      Construction, renovation, or expansion of buildings and facilities;

            (8)      Purchase of farm fixtures, livestock, or poultry;

            (9)      Fish, crustaceans, and mollusks of any kind;

            (10)      Seeds, plants, and trees;

            (11)      Fertilizers;

            (12)      Pesticides;

            (13)      Feeds;

            (14)      Machinery;

            (15)      Equipment; or

            (16)      Containers or supplies employed in the production, cultivation, harvesting, processing, storage, marketing, distribution, or export of agricultural products.

      (c)      "Agriculture" means the commercial production, storage, processing, marketing, distribution, or export of an agronomic, aquacultural, equine, floricultural, horticultural, ornamental, silvicultural, or viticultural crop, including:

            (1)      Farm products;

            (2)      Livestock and livestock products;

            (3)      Poultry and poultry products;

            (4)      Milk and dairy products;

            (5)      Timber and forest products;

            (6)      Fruit and horticultural products; and

            (7)      Seafood and aquacultural products.

      (d)      "Board" means the Board of Directors of the Corporation.

      (e)      "Bond" means a bond, note, renewal note, refunding bond, interim certificate, certificate of indebtedness, debenture, warrant, commercial paper, or other obligation or evidence of indebtedness authorized to be issued by the Corporation under this subtitle.

      (f)      "Corporation" means the Maryland Agricultural and Resource-Based Industry Development Corporation established under this subtitle.

      (g)      "Lending institution" means a bank, bank or trust company, federal land bank, farm credit association, bank for cooperatives, building and loan association, homestead, insurance company, investment banker, mortgage banker or company, pension or retirement fund, savings bank or savings and loan association, small business investment company, credit union, or any other financial institution authorized to do business in the State or operating under the supervision of a federal unit.

      (h)      (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 unit of a state or of the federal government.

      (i)      (1)      "Project" means a property, the acquisition, construction, reconstruction, equipping, expansion, extension, improvement, rehabilitation, or remodeling of which the Board, in its sole and absolute discretion, determines by resolution will accomplish at least one of the purposes listed in §§ 13-502 and 13-503 of this subtitle, whether the property, or any interest in 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 federal income taxation under federal law.

            (2)      "Project" includes:

                  (i)      Land or any interest in land;

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

                  (iii)      Real or personal property, or any combination of them, and rights related to the property, appurtenances, rights-of-way, franchises, easements, and other interests in land;

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

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

      (j)      (1)      "Revenue" means the income, revenue, and other money received by the Corporation from or in connection with a project.

            (2)      "Revenue" includes grants, rentals, rates, fees, charges for the use of the services furnished or available, and all other income inuring to the Corporation.

            (3)      The Corporation may further define or limit the term "revenue" as applied to a particular project, financing, or other matter.