reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 3 - Local Redevelopment Authorities › Section 11-320 - Project Financing

(a)    The authority may:
(1)    lend or otherwise make available its net revenue to finance costs of a project; and
(2)    enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan.
(b)    A lease of property of the authority may require or authorize the lessee or another person, on conveyance of the property to the authority, to purchase or otherwise acquire the property for consideration that the authority establishes.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 3 - Local Redevelopment Authorities › Section 11-321 - Rates and Charges; Revenues

(a)    The authority may:
(1)    fix and collect rates or charges for its services;
(2)    establish the terms and conditions for the services; and
(3)    contract with a person for the provision of the services of the authority.
(b)    The rates or charges of the authority are not subject to supervision or regulation by any other unit of the State or by a political subdivision of the State.
(c)    Subject to any agreement, the authority may apply its revenues to any lawful purpose.
(d)    Except as necessary to pay an obligation or to implement programs of the authority, the net revenue of the authority may not benefit a person other than the county or counties in which the facility is located.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 3 - Local Redevelopment Authorities › Section 11-322 - Tax Status

(a)    Except as provided in subsection (b) of this section, the authority is exempt from any requirement to pay any taxes or assessments on its properties, activities, or any revenue from its properties or activities.
(b)    Property that the authority sells or leases to a private entity is subject to State and local property taxes from the time of the sale or lease.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 3 - Local Redevelopment Authorities › Section 11-323 - Audit

(a)    (1)    As soon as practical after the close of the fiscal year, an independent certified public accountant shall audit the financial books, records, and accounts of the authority.
(2)    The finance committee of the authority shall select an accountant to conduct the audit who:
(i)    is licensed to practice accountancy in the State;
(ii)    is experienced and qualified in the accounting and auditing of public bodies; and
(iii)    does not have a direct or indirect interest in the fiscal affairs of the authority.
(3)    (i)    Except as provided in subparagraph (ii) of this paragraph, the accountant shall report the results of the audit, including the accountant’s unqualified opinion on the presentation of the financial position and the results of the financial operations of the authority.
(ii)    If the accountant cannot express an unqualified opinion, the accountant shall explain in detail the reasons for the qualifications, disclaimers, or opinions, including recommendations of changes that could make future unqualified opinions possible.
(b)    The State may audit the books, records, and accounts of the authority.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 3 - Local Redevelopment Authorities › Section 11-324 - Annual Report

(a)    On or before October 1 of each year, the authority shall submit a report to:
(1)    the Governor;
(2)    the governing body of each county in which the facility is located;
(3)    the Department; and
(4)    in accordance with § 2-1257 of the State Government Article, the General Assembly.
(b)    The report shall include a complete operating and financial statement and a summary of the activities of the authority during the preceding fiscal year.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-402 - Established

(a)    There is a Bainbridge Development Corporation.
(b)    The Corporation is a body politic and corporate and is an instrumentality of the State.
(c)    The exercise by the Corporation of a power under this subtitle is the performance of an essential governmental function.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-403 - Board of Directors

(a)    A Board of Directors shall manage the affairs of the Corporation and exercise all of the powers of the Corporation.
(b)    The Board consists of the following 15 members:
(1)    eight members appointed by the County Commissioners as follows:
(i)    two members recommended by the Mayor and Town Council of Port Deposit;
(ii)    two members recommended by the State legislative delegation of Cecil County; and
(iii)    four members at large;
(2)    the Director of the Cecil County Department of Economic Development; and
(3)    six nonvoting ex officio members as follows:
(i)    the Secretary, or the designee of the Secretary;
(ii)    the Secretary of General Services, or the designee of the Secretary of General Services;
(iii)    the Executive Director of the Maryland Economic Development Corporation;
(iv)    the Director of the Maryland Historical Trust;
(v)    the President of the County Commissioners; and
(vi)    the Mayor of Port Deposit.
(c)    (1)    The term of a member of the Board appointed under subsection (b)(1) of this section is 4 years.
(2)    The terms of appointed members are staggered as required by the terms provided for members of the Board on October 1, 2008.
(3)    At the end of a term, a member continues to serve until a successor is appointed.
(4)    A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-406 - Executive Director

(a)    (1)    Subject to the approval of the County Commissioners, the Board shall appoint an Executive Director.
(2)    The Executive Director serves at the pleasure of the Board.
(3)    The Board shall determine the salary of the Executive Director.
(b)    (1)    The Executive Director is the chief administrative officer of the Corporation.
(2)    The Executive Director shall manage the administrative affairs and technical activities of the Corporation in accordance with policies and procedures that the Board establishes.
(c)    The Executive Director, or the Executive Director’s designee, shall:
(1)    attend all meetings of the Board;
(2)    act as secretary to the Board;
(3)    keep minutes of the proceedings of the Board;
(4)    approve salaries, per diem payments, allowable expenses of the Corporation and its employees or consultants, and any expenses incidental to the operation of the Corporation; and
(5)    perform the other duties that the Board directs in carrying out this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-407 - Staff; Consultants

(a)    The Board shall approve additional professional and clerical staff as necessary to carry out this subtitle.
(b)    The Board may retain accountants, engineers, lawyers, financial advisors, or other consultants as necessary to carry out this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-408 - Applicability of Other Laws

(a)    Except as otherwise provided in this section, in exercising its corporate powers, the Corporation:
(1)    may carry out its corporate purposes without obtaining the consent of any other State unit; and
(2)    is not subject to:
(i)    Title 11 of the State Government Article (Consolidated Procedures for Development Permits); and
(ii)    the following provisions of the State Finance and Procurement Article:
1.    Title 2, Subtitles 2 (Gifts and Grants), 4 (Facsimile Signatures and Seals), and 5 (Facilities for Handicapped);
2.    Title 3 (Budget and Management);
3.    Title 4 (Department of General Services);
4.    § 5A–304 (Maryland Historical Trust Property Acquisition);
5.    Title 6, Subtitle 1 (Revenues: Studies and Estimates);
6.    Title 7, Subtitles 1 (State Operating Budget), 2 (Disbursements and Expenditures), and 3 (Unspent Balances);
7.    Title 8, Subtitle 1 (General Obligation Debt);
8.    Title 10 (Board of Public Works – Miscellaneous Provisions); and
9.    Division II (General Procurement Law).
(b)    (1)    The Corporation is subject to:
(i)    the Public Information Act; and
(ii)    the Open Meetings Act.
(2)    For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted.
(c)    The officers and employees of the Corporation are subject to the Maryland Public Ethics Law.
(d)    The officers and employees of the Corporation are not subject to:
(1)    Division II of the State Personnel and Pensions Article; or
(2)    the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
(e)    The Corporation is subject to the same State and local regulatory requirements as any private corporation.
(f)    A project of the Corporation is subject to the zoning and subdivision regulations of the political subdivision where the project is located.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-409 - Accounting; Fiscal Year

(a)    The Corporation shall establish a system of financial accounting, controls, audits, and reports.
(b)    The fiscal year of the Corporation begins on July 1 and ends on the following June 30.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-410 - Money of Corporation

(a)    The Corporation may establish any accounts that it requires.
(b)    The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association in the State that has a total paid-in capital of at least $1,000,000.
(c)    The Corporation may designate the trust department of a State or national bank or of a savings and loan association as a depository to receive securities that the Corporation owns or acquires.
(d)    Unless an agreement limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a unit or political subdivision of the State.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-411 - Powers -- in General

The Corporation may:
(1)    adopt bylaws for the conduct of its business;
(2)    adopt a seal;
(3)    maintain an office at the Bainbridge Naval Training Center;
(4)    accept loans, grants, or assistance of any kind from the federal or State government, a local government, or a private source;
(5)    enter into contracts and other legal instruments;
(6)    sue and be sued in its own name;
(7)    acquire, purchase, hold, lease as lessee, and use any franchise, patent, or license and real, personal, mixed, tangible, or intangible property, or any interest in property, necessary or convenient to carry out its purposes;
(8)    sell, lease as lessor, transfer, and dispose of its property or interest in property;
(9)    fix and collect rates, rentals, fees, and charges for services and facilities it provides or makes available;
(10)    with the owner’s permission, enter land, waters, or premises to make a survey, sounding, boring, or examination to accomplish a purpose authorized by this subtitle;
(11)    exercise a power usually possessed by a private corporation in performing similar functions, unless to do so would conflict with State law; and
(12)    do all things necessary or convenient to carry out the powers expressly granted by this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-412 - Powers -- Projects

The Corporation may:
(1)    acquire, improve, develop, manage, market, lease as lessor or lessee, operate, and maintain any project at the Bainbridge Naval Training Center; and
(2)    acquire, either directly or by or through an agreement with the United States Navy, by purchase, gift, or devise, any property, rights, rights-of-way, franchises, easements, and other interests in land, including land lying under water and riparian rights located in or outside the State as necessary or convenient to improve or operate a project on terms and at prices that the Corporation considers reasonable.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-413 - Powers -- Borrowing Authority

The Corporation may:
(1)    borrow money to finance costs of a project or for any other corporate purpose of the Corporation;
(2)    secure the payment of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Corporation; and
(3)    combine projects for financing.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-416 - Project Financing

The Corporation may:
(1)    lend or otherwise make available its net revenue to finance costs of a project; and
(2)    enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-417 - Rates and Charges; Revenues

(a)    The Corporation may:
(1)    fix and collect rates or charges for its services;
(2)    establish the terms and conditions for the services; and
(3)    contract with a person for the provision of the services of the Corporation.
(b)    The rates or charges of the Corporation are not subject to supervision or regulation by any other unit of the State or by a political subdivision of the State.
(c)    Subject to any agreement, the Corporation may apply its revenues to any lawful purpose.
(d)    Except as necessary to pay an obligation or to implement programs of the Corporation, the net revenue of the Corporation may not benefit a person other than Cecil County.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-418 - Tax Status

(a)    Except as provided in subsection (b) of this section, the Corporation is exempt from any requirement to pay any taxes or assessments on its properties, activities, or any revenue from its properties or activities.
(b)    Property that the Corporation sells or leases to a private entity is subject to State and local property taxes from the time of the sale or lease.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-419 - Advisory Board

(a)    The Board shall establish a Bainbridge Development Advisory Board.
(b)    The Advisory Board consists of:
(1)    a representative of the County Commissioners;
(2)    the State legislative delegation of Cecil County;
(3)    a representative of the Mayor of Port Deposit;
(4)    a representative of the Town Council of Port Deposit;
(5)    the President of Cecil Community College;
(6)    the Superintendent of the Cecil County Public Schools;
(7)    the Coordinator of the Lower Susquehanna Heritage Greenway; and
(8)    other individuals the Board of Directors selects.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-420 - Audit

(a)    (1)    As soon as practical after the close of the fiscal year, an independent certified public accountant shall audit the financial books, records, and accounts of the Corporation.
(2)    The Corporation shall select an accountant to conduct the audit who:
(i)    is licensed to practice accountancy in the State;
(ii)    is experienced and qualified in the accounting and auditing of public bodies; and
(iii)    does not have a direct or indirect personal interest in the fiscal affairs of the Corporation.
(3)    (i)    Except as provided in subparagraph (ii) of this paragraph, the accountant shall report the results of the audit, including the accountant’s unqualified opinion on the presentation of the financial position and the results of the financial operations of the Corporation.
(ii)    If the accountant cannot express an unqualified opinion, the accountant shall explain in detail the reasons for the qualifications, disclaimers, or opinions, including recommendations of changes that could make future unqualified opinions possible.
(b)    The State may audit the books, records, and accounts of the Corporation.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 11 - Military Installation Support › Subtitle 4 - Bainbridge Development Corporation › Section 11-421 - Annual Report

(a)    On or before October 1 of each year, the Corporation shall submit a report to:
(1)    the Governor;
(2)    the County Commissioners;
(3)    the Department; and
(4)    in accordance with § 2-1257 of the State Government Article, the General Assembly.
(b)    The report shall include a complete operating and financial statement covering the operations of the Corporation during the preceding fiscal year and a summary of the activities of the Corporation during the preceding fiscal year.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-102 - Construction and Effect of Subtitle

(a)    This subtitle shall be liberally construed to accomplish its purposes.
(b)    A facility is not a capital project of a public body within the meaning of any statutory or charter provision.
(c)    This subtitle does not authorize a county or municipal corporation to acquire a facility by eminent domain.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-103 - Legislative Findings; Purposes of Subtitle

(a)    The General Assembly finds that:
(1)    conditions of unemployment exist in many areas of the State;
(2)    the acquisition and improvement of facilities are essential to relieve this unemployment and to establish a balanced economy in the State;
(3)    the present and prospective health, happiness, safety, right of gainful employment, and general welfare of the residents of the State will be promoted by the acquisition and improvement of facilities;
(4)    the control or abatement of pollution of the environment of the State, including noise pollution, is necessary to:
(i)    retain existing industry and commerce in and attract new industry and commerce to the State;
(ii)    protect the health, welfare, and safety of the residents of the State;
(iii)    protect the natural resources of the State; and
(iv)    encourage the economic development of the State; and
(5)    (i)    the public ports of the State are assets of value to the entire State;
(ii)    the residents of the entire State benefit directly from the waterborne commerce that the public ports attract and service; and
(iii)    any improvement of public ports that increases their export and import commerce will benefit the residents of the entire State.
(b)    The legislative purposes of this subtitle are to:
(1)    relieve conditions of unemployment in the State;
(2)    encourage the increase of industry and commerce and a balanced economy in the State;
(3)    assist in the retention of existing industry and commerce in, and the attraction of new industry and commerce to, the State through, among other things, the development of ports, the control or abatement of environmental pollution, and the use and disposal of waste;
(4)    promote economic development;
(5)    protect natural resources and encourage resource recovery; and
(6)    promote the health, welfare, and safety of the residents of the State.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-106 - Industrial Development Authorities -- Board of Directors

(a)    (1)    Subject to paragraph (4) of this subsection, the board of directors of an authority consists of five members appointed by the legislative body of the incorporating county or municipal corporation.
(2)    Appointment procedures shall be provided in the resolution establishing the authority.
(3)    (i)    In a county or municipal corporation that has a publicly elected chief executive, the chief executive shall submit nominations for the initial board members.
(ii)    The chief executive may nominate more than one individual for an initial board member position.
(4)    An officer or employee of the incorporating county or municipal corporation may not be appointed to the board but, if provided by resolution, may serve as an ex officio, nonvoting member of the board.
(b)    (1)    (i)    The initial five members of the board of directors of an authority shall be appointed for staggered terms, ranging from 1 to 5 years, respectively, beginning on the date the State Department of Assessments and Taxation accepts the articles of incorporation of the authority for record.
(ii)    Except as provided for initial board members, the term of an appointed member is 5 years.
(2)    At the end of a term, an appointed member continues to serve until a successor is appointed.
(3)    A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.
(4)    (i)    In a county or municipal corporation that has a publicly elected chief executive, the chief executive shall submit nominations for vacancies on the board.
(ii)    The chief executive may nominate more than one individual for a vacancy.
(c)    (1)    A member may be removed at any time with or without cause.
(2)    Procedures for removal shall be those provided in the resolution establishing the authority or a subsequent resolution.
(d)    (1)    From among its members, the board shall elect a chair and other officers.
(2)    An ex officio member may hold any office other than chair.
(e)    (1)    Three voting members of the board are a quorum.
(2)    The board may act on a resolution only by the affirmative vote of at least three voting members.
(f)    A member of the board:
(1)    may not receive compensation as a member of the board; but
(2)    shall be reimbursed for expenses incurred in performing the member’s duties.
(g)    The board shall exercise its powers by resolution.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-107 - Administration

(a)    The board of directors of an authority shall govern the authority.
(b)    Except as otherwise provided in this subtitle or the resolution establishing the authority, the procedures of the incorporating county or municipal corporation control any matter relating to the internal administration of the authority.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-108 - Benefit of Net Earnings

Except as necessary to pay debt service or implement the public purposes or programs of the incorporating county or municipal corporation, the net earnings of an authority may benefit only the incorporating county or municipal corporation and may not benefit any person.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-109 - Powers of Authority, County, and Municipal Corporation

(a)    (1)    Except as limited by its articles of incorporation, an authority has all the powers set forth in this subtitle.
(2)    An authority may:
(i)    receive money from its incorporating county or municipal corporation, the State, other governmental units, or nonprofit organizations;
(ii)    charge fees for its services;
(iii)    have employees and consultants as it considers necessary; and
(iv)    use the services of other governmental units.
(b)    For the purposes of this subtitle, each county and municipal corporation has all the powers granted in this subtitle to an authority, including the power to make loans to private enterprises competing with enterprises not receiving the loans.
(c)    (1)    (i)    An authority shall operate and exercise its powers solely to accomplish one or more of the legislative purposes of this subtitle.
(ii)    The incorporating county or municipal corporation may use the authority’s exercise of its powers to accomplish one or more of the legislative purposes.
(2)    An authority or an incorporating county or municipal corporation may exercise its powers regardless of any effect on economic competition.
(3)    The powers granted to a county or municipal corporation under paragraph (2) of this subsection do not:
(i)    grant to the county or municipal corporation powers in any substantive area not otherwise granted to the county or municipal corporation under other public general or public local law;
(ii)    restrict the county or municipal corporation from exercising any power granted to the county or municipal corporation under other public general or public local law or otherwise;
(iii)    authorize the county or municipal corporation, or the officers of the county or municipal corporation, to engage in an activity that is beyond the power granted under other public general or public local law or otherwise; or
(iv)    preempt or supersede the regulatory authority of a unit of State government under a public general law.
(4)    The incorporating county or municipal corporation is not precluded from directly exercising the powers granted to an authority under this subtitle after the establishment of the authority.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-112 - Manner and Price of Sale of Bonds; Applicability of Local Government Article

(a)    (1)    Bonds shall be sold in the manner, at competitive or negotiated sale, and on the terms at, above, or below par, that the public body considers best.
(2)    A contract to acquire or improve a facility may provide that payment shall be made in bonds.
(b)    A bond is not subject to the limitations of §§ 19–205 and 19–206 of the Local Government Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-113 - Payment of Bonds

(a)    (1)    A bond and the interest on a bond are limited obligations of the public body.
(2)    Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:
(i)    money from the financing of a facility; or
(ii)    other money made available to the public body.
(3)    Bonds and the interest on them:
(i)    are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
(ii)    may not give rise to any pecuniary liability of an issuing public body.
(4)    A bond may state on its face that the bond:
(i)    is issued under this subtitle; and
(ii)    is not a debt to which the public body’s faith and credit is pledged.
(b)    On default in the payment of the principal of or interest on a bond, a court with jurisdiction:
(1)    may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
(2)    shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-114 - Conclusive Presumption of Finding by Public Body

A finding by the legislative body of a county or municipal corporation, the board of directors of an authority, or the Maryland Industrial Development Financing Authority as to the public purpose of an action taken under this subtitle, and the appropriateness of that action to serve the public purpose, is conclusive in a proceeding involving the validity or enforceability of a bond, or security for a bond, issued under this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-115 - Alternative Procedures for Bond Issuance

Instead of the procedures under this subtitle, a municipal corporation, by charter amendment adopted under Title 4, Subtitle 3 of the Local Government Article, or a charter county, by charter amendment adopted under Article XI–A of the Maryland Constitution, may provide for the issuance of revenue bonds under the terms and conditions that the municipal corporation or charter county considers appropriate to achieve the legislative purposes of this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 1 - Economic Development Revenue Bond Act › Section 12-117 - Lease or Contract as Security for Bond

(a)    This section applies to a lease or contract under which:
(1)    the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or
(2)    a facility financed by bonds issued under this subtitle will be built on property owned by the State.
(b)    The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless:
(1)    the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and
(2)    the Board of Public Works specifically has approved the bond issue for that facility.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-202 - Construction and Application of Subtitle

(a)    (1)    This subtitle is self-executing.
(2)    A political subdivision need not amend its charter to exercise the powers granted by this subtitle.
(b)    This subtitle does not apply in Baltimore City.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-203 - District Designations

(a)    Before issuing bonds, the governing body of the political subdivision shall:
(1)    by resolution:
(i)    designate a contiguous area within its jurisdiction as a development district;
(ii)    identify an area that has been designated a sustainable community; or
(iii)    identify an area that has been designated a RISE zone;
(2)    receive from the Supervisor of Assessments a certification of the amount of the original base, or if applicable, the adjusted assessable base; and
(3)    pledge that until the bonds are fully paid, or a longer period, the real property taxes in the development district, a RISE zone, or a sustainable community shall be divided as follows:
(i)    the portion of the taxes that would be produced at the current tax rate on the original taxable value base shall be paid to the respective taxing authorities in the same manner as taxes on other property are paid; and
(ii)    the portion of the taxes on the tax increment that normally would be paid into the general fund of the political subdivision shall be paid into the special fund established under § 12–208 of this subtitle and applied in accordance with § 12–209 of this subtitle.
(b)    (1)    In this subsection, “brownfields site” has the meaning stated in § 5–301 of this article.
(2)    Before issuing bonds and as part of the resolution required under subsection (a) of this section, the governing body of the political subdivision may determine the original base of a brownfields site in a sustainable community.
(3)    The determination of the original base of a brownfields site under this section:
(i)    is not a determination of the value of the brownfields site; and
(ii)    may not be used to determine a property tax assessment or appeal of a property tax assessment under the Tax – Property Article.
(c)    The establishment or identification by a county of a development district, a RISE zone, or a sustainable community that is wholly or partly in a municipal corporation shall also require a resolution approving the development district, RISE zone, or sustainable community by the governing body of the municipal corporation.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-204 - Bonds -- Authorized

(a)    Notwithstanding any limitation of law, an issuer may issue bonds from time to time to finance the development of an industrial, commercial, or residential area.
(b)    To issue bonds under this subtitle, the governing body of a political subdivision shall adopt an ordinance that:
(1)    describes the proposed undertaking; and
(2)    states:
(i)    that the governing body has complied with §§ 12-203 and 12-208(c) and (d) of this subtitle;
(ii)    the maximum principal amount of the bonds; and
(iii)    the maximum rate of interest on the bonds.
(c)    The ordinance may specify the following for bonds issued to carry out the financing of the proposed undertaking:
(1)    the principal amount;
(2)    the rate of interest;
(3)    the manner and terms of sale;
(4)    the time of execution, issuance, and delivery;
(5)    the form and denomination;
(6)    the manner in which, and the times and places at which principal and interest shall be paid;
(7)    conditions for redemption before maturity; or
(8)    other provisions consistent with this subtitle that the governing body of the political subdivision determines are necessary or desirable.
(d)    The revenue authority of Prince George’s County may issue bonds in accordance with an ordinance adopted by the governing body of Prince George’s County.
(e)    The ordinance may specify the items listed in subsection (c) of this section or may authorize:
(1)    the finance board to specify those items by resolution or ordinance; or
(2)    the chief executive to specify those items by executive order.
(f)    (1)    Except as provided in paragraph (2) of this subsection, neither an ordinance authorizing the bonds nor an ordinance, resolution, or executive order issued, passed, or adopted under this section may be subject to referendum because of any other State or local law.
(2)    An ordinance that authorizes the pledge of the full faith and credit of a political subdivision to the payment of principal and interest on a bond is subject to any applicable right to referendum.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-205 - Conditions of Issuance

(a)    A bond:
(1)    may be in bearer form;
(2)    may be registrable as to principal alone or as to both principal and interest; and
(3)    is a “security” under § 8-102 of the Commercial Law Article, whether or not the bond is one of a class or series or is divisible into a class or series of instruments.
(b)    (1)    A bond shall be signed manually or in facsimile by the chief executive of the issuer.
(2)    An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(3)    The clerk or other similar administrative officer of the issuer shall attest to and affix to each bond the seal of the issuer.
(c)    A bond shall mature not later than 40 years after the date of issue.
(d)    (1)    The issuer may sell bonds at competitive or negotiated sale in any manner and on any terms that it considers best.
(2)    A contract to acquire property may provide that payment shall be made in bonds.
(3)    Bonds are exempt from §§ 19–205 and 19–206 of the Local Government Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-206 - Payment of Bonds

(a)    Bonds shall be payable from the special fund established under § 12–208 of this subtitle.
(b)    The governing body of the political subdivision or the issuer may:
(1)    pledge its full faith and credit or other assets and revenues to pay the bonds; and
(2)    establish a sinking fund or a debt service reserve fund for the bonds.
(c)    The assets and revenues pledged under subsection (b)(1) of this section may include any amount that the political subdivision may receive from the State under § 2–222 of the Tax – Property Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-208 - Special Fund -- in General

(a)    The governing body of a political subdivision may adopt a resolution creating a special fund for a development district, a RISE zone, or a sustainable community even though no bonds:
(1)    have been issued for the development district, the RISE zone, or the sustainable community; or
(2)    are outstanding at the time of adoption.
(b)    The taxes allocated to the special fund in accordance with § 12–203(a)(3)(ii) of this subtitle shall be deposited in the special fund while the resolution that created the special fund remains in effect.
(c)    Other than tax revenues received from residential properties in Prince George’s County, the tax collected under § 12–203(a)(3)(ii) of this subtitle is not considered a tax of the political subdivision for the purposes of any constant yield limitation or State or local restriction.
(d)    State real property taxes may not be paid into the special fund.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-209 - Special Fund -- Uses

(a)    Subject to subsection (c) of this section, the special fund for the development district, the RISE zone, or the sustainable community may be used for any of the following purposes as determined by the governing body of the political subdivision:
(1)    a purpose specified in § 12–207 of this subtitle;
(2)    accumulated to pay debt service on bonds to be issued later;
(3)    payment or reimbursement of debt service, or payments under an agreement described in subsection (b) of this section, that the political subdivision is obliged under a general or limited obligation to pay, or has paid, on or relating to bonds issued by the State, a political subdivision, or the revenue authority of Prince George’s County if the proceeds were used for a purpose specified in § 12–207 of this subtitle; or
(4)    payment to the political subdivision for any other legal purpose.
(b)    (1)    Subject to paragraph (2) of this subsection, the political subdivision that has created a special fund for a development district, a RISE zone, or a sustainable community may pledge under an agreement that amounts deposited to the special fund shall be paid over to secure payment on MEDCO obligations.
(2)    The agreement shall:
(i)    be in writing;
(ii)    be executed by the political subdivision making the pledge, the Maryland Economic Development Corporation, and the other persons that the governing body of the political subdivision determines; and
(iii)    run to the benefit of and be enforceable on behalf of the holders of the MEDCO obligations secured by the agreement.
(c)    If bonds are outstanding with respect to a development district, a RISE zone, or a sustainable community, the special fund may be used as described in subsection (a) of this section in any fiscal year only if:
(1)    the balance of the special fund exceeds the unpaid debt service payable on the bonds in the fiscal year; and
(2)    the special fund is not restricted so as to prohibit the use.
(d)    The issuance of bonds pledging the full faith and credit of the political subdivision shall comply with appropriate county or municipal charter requirements.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-210 - Special Fund -- Pledge of Other Tax Revenue

(a)    (1)    Subject to paragraph (2) of this subsection, the governing body of a political subdivision that is not the issuer may pledge under an agreement that its property taxes levied on the tax increment shall be paid into the special fund for the development district, a RISE zone, or a sustainable community.
(2)    The agreement shall:
(i)    be in writing;
(ii)    be executed by the governing bodies of the issuer and the political subdivision making the pledge; and
(iii)    run to the benefit of and be enforceable on behalf of any bondholder.
(3)    (i)    This paragraph applies only in Prince George’s County.
(ii)    Subject to § 18–310 of the Land Use Article, the Maryland–National Capital Park and Planning Commission may enter into an agreement with Prince George’s County to pay all or a portion of the property taxes levied by the county under §§ 18–304, 18–306, and 18–307 of the Land Use Article on the tax increment in an extraordinary development district in the county to the county for deposit into a special fund for the extraordinary development district.
(iii)    The agreement authorized under subparagraph (ii) of this paragraph shall:
1.    be in writing; and
2.    be executed by the governing body of Prince George’s County and, on proper authorization, the Maryland–National Capital Park and Planning Commission.
(iv)    The Maryland–National Capital Park and Planning Commission may not be an obligor for any bonds issued by Prince George’s County for an extraordinary development district.
(b)    The governing body of Prince George’s County may also pledge hotel rental tax revenues to the special fund.
(c)    The governing body of a political subdivision, including the issuer, may pledge by or under a resolution, including by an agreement with the issuer, as applicable, that alternative local tax revenues generated within, or that are otherwise determined to be attributable to, a development district that is a transit–oriented development, a RISE zone, a sustainable community, or a State hospital redevelopment be paid, as provided in the resolution, into the special fund to:
(1)    secure the payment of debt service on bonds or MEDCO obligations; or
(2)    be applied to the other purposes stated in § 12–209 of this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 2 - Tax Increment Financing Act › Section 12-211 - Tax Status

(a)    The principal amount of bonds, interest payable on bonds, the transfer of bonds, and income from bonds, including profit made in the sale or transfer of bonds, are exempt from State and local taxes.
(b)    If a political subdivision leases as a lessor its property within a development district, a RISE zone, or a sustainable community:
(1)    the property shall be assessed and taxed in the same manner as privately owned property; and
(2)    the lease shall require the lessee to pay taxes or payments in lieu of taxes on the assessed value of the entire property and not only on the assessed value of the leasehold interest.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 12 - Local Development Authorities and Resources › Subtitle 3 - Redevelopment Bonds › Section 12-301 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Bond” means a bond, note, or other similar instrument that a political subdivision issues under this subtitle.
(c)    “Chief executive” means the president, chair, mayor, county executive, or any other chief executive officer of a political subdivision.
(d)    “Designated blighted area” means an area designated under § 12-303 of this subtitle.
(e)    “Financed area” means the geographic portion of a designated blighted area for which the proceeds of a bond are to be used under § 12-303 of this subtitle.
(f)    “Political subdivision” means a county or municipal corporation.