2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 6-512 - Bidding process

§6-512.

(a) The Authority shall obtain the services of an independent third party to conduct a bidding process in order to secure purchasers for the Program as provided in this section.

(b) Using the procedures adopted by the independent third party, each potential purchaser shall make a timely and irrevocable offer, subject only to the Department’s issuance to the purchaser of tax credit certificates, to make specified contributions of designated capital to the Department on the dates specified in § 6-513(a) of this subtitle.

(c) The offer shall include:

(1) the requested amount of tax credits, which may not be less than $1,000,000;

(2) the potential purchaser’s specified contribution for each tax credit dollar requested, which may not be less than the greater of:

(i) 70% of the requested dollar amount of tax credits; or

(ii) the percentage of the requested dollar amount of tax credits that the Secretary, on the recommendation of the independent third party, determines to be consistent with market conditions as of the offer date; and

(3) any other information the independent third party requires.

(d) (1) The deadline for submission of applications for tax credits is February 1, 2012.

(2) Each potential purchaser shall receive a written notice from the Department not later than May 1, 2012, indicating whether or not it has been approved as a purchaser and, if so, the amount of tax credits allocated.

(e) The maximum amount of premium tax credits that may be allocated under this subtitle for all years in which premium tax credits are allocated is $100,000,000.