reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 8 - More Jobs for Marylanders Program › Section 6-804 - Benefits and Requirements

(a)    (1)    Except as provided in paragraph (2) of this subsection, the Program benefits authorized under this section may be claimed by a qualified business entity for up to 10 consecutive benefit years.
(2)    In the case of a qualified business entity that is located in a Tier II area and is provided a certificate under § 6–805 of this subtitle on or after June 1, 2022, the Program benefits authorized under this section may be claimed by the qualified business entity for up to 5 consecutive benefit years.
(b)    On enrollment in the Program:
(1)    a new business entity in a Tier I area that is provided a certificate under § 6–805 of this subtitle before June 1, 2022, is eligible for:
(i)    a credit against the State income tax, established under § 10–741(b) of the Tax – General Article;
(ii)    a credit against the State property tax, established under § 9–110 of the Tax – Property Article;
(iii)    a refund of sales and use tax paid during the immediately preceding taxable year, as provided under § 11–411 of the Tax – General Article; and
(iv)    a waiver of fees charged by the State Department of Assessments and Taxation, established under § 1–203.1 of the Corporations and Associations Article; and
(2)    except as provided in subsection (c) of this section, a new business entity not described under item (1) of this subsection or an existing business entity that operates an eligible project is eligible for a credit against the State income tax, established under § 10–741(b) of the Tax – General Article.
(c)    The income tax credit established under § 10–741(b) of the Tax – General Article is not available to an existing business entity if the entity moves its facility to another county in the State on or after June 1, 2017.
(d)    If the number of qualified positions at the eligible project decreases to a number less than the number established in the first benefit year, the project shall be removed from the Program and all program benefits terminate.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 8 - More Jobs for Marylanders Program › Section 6-805 - Certification

(a)    The Department shall provide to a qualified business entity a certificate that:
(1)    certifies the eligible project that is enrolled in the Program;
(2)    provides the duration of the certification; and
(3)    provides any additional information necessary for the Comptroller and Department to administer the Program.
(b)    (1)    For a qualified business entity that has submitted the notice required under § 6–803(b)(1)(i) or (c)(2)(i) of this subtitle before June 1, 2022, the Department may not provide the qualified business entity a certificate on or after June 1, 2022.
(2)    For a qualified business entity that has submitted the notice required under § 6–803(b)(1)(i) or (c)(2)(i) of this subtitle on or after June 1, 2022, the Department may not provide the qualified business entity a certificate on or after June 1, 2024.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 8 - More Jobs for Marylanders Program › Section 6-806 - Revocation of Certification

(a)    The Department may revoke its certification under this subtitle, in whole or in part, if any representation made by a qualified business entity is determined by the Department to have been false when made.
(b)    If the Department revokes its certification as provided under subsection (a) of this section, the Comptroller may make an assessment against the qualified business entity to recapture any amount of a tax credit or any other benefit that the qualified business entity has received.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 8 - More Jobs for Marylanders Program › Section 6-807 - Verification of Information; Use; Confidentiality

(a)    The Department may require that any information provided under this subtitle be verified by an independent certified public accountant that the qualified business entity and the Department select.
(b)    (1)    Acceptance by a qualified business entity of the Program   benefits under this subtitle shall be deemed to authorize the Comptroller to share with the Department any information received from a qualified business entity about eligibility for a benefit allowed under this subtitle.
(2)    Information that is received by the Department or Comptroller under paragraph (1) of this subsection is subject to confidentiality requirements established by law.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1002 - Program Established

(a)    There is an Opportunity Zone Enhancement Program in the Department.
(b)    (1)    The Department shall administer the tax credit enhancements offered under the Program.
(2)    The enhancements offered under the Program shall be applicable to all taxable years beginning after December 31, 2018, but before January 1, 2027.
(c)    (1)    The Department shall publish on its website information about the Program and information reported by a qualified opportunity fund receiving enhanced tax credits under the Program.
(2)    The information published on the website:
(i)    shall be itemized by qualified opportunity zone;
(ii)    shall be summarized in the aggregate; and
(iii)    may not include any proprietary or confidential information.
(d)    The Department, in consultation with the Department of Housing and Community Development, shall adopt regulations to carry out this subtitle, including criteria and procedures for determining eligibility for a Level 1 or Level 2 opportunity zone enhancement.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1003 - Revitalization Area Credit

(a)    In this section, “revitalization area” has the meaning stated in § 6–301 of this title.
(b)    For a qualified opportunity zone business that qualifies for a job creation tax credit under § 6–304 of this title:
(1)    the Level 1 opportunity zone enhancement is equal to:
(i)    $3,075 multiplied by the number of qualified employees working in a facility not located in a revitalization area; and
(ii)    $5,125 multiplied by the number of qualified employees working in a facility located in a revitalization area; and
(2)    the Level 2 opportunity zone enhancement is equal to:
(i)    $3,300 multiplied by the number of qualified employees working in a facility not located in a revitalization area; and
(ii)    $5,500 multiplied by the number of qualified employees working in a facility located in a revitalization area.
(c)    The enhanced multiplier authorized under subsection (b) of this section is in substitution for and not in addition to the multiplier under § 6–304(b)(1) of this title.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1004 - One Maryland Project Tax Credit

(a)    In this section, “eligible economic development project”, “eligible project cost”, “project tax credit”, and “qualified position” have the meanings stated in § 6–401 of this title.
(b)    For a qualified opportunity zone business that qualifies for the One Maryland project tax credit under § 6–403 of this title and creates at least 50 qualified positions:
(1)    the Level 1 opportunity zone enhancement increases the maximum credit allowed under § 6–403(b)(1)(ii)1 of this title to the lesser of  $5,125,000 or the total eligible project cost for the eligible economic development project, less the amount of the credit previously taken for the project in prior taxable years; and
(2)    the Level 2 opportunity zone enhancement increases the maximum credit allowed under § 6–403(b)(1)(ii)1 of this title to the lesser of $5,500,000 or the total eligible project cost for the eligible economic development project, less the amount of the credit previously taken for the project in prior taxable years.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1005 - Income Tax Credit for Wages Paid in an Enterprise Zone

(a)    (1)    In this section the following words have the meanings indicated.
(2)    “Economically disadvantaged individual”, “focus area employee”, and “qualified employee” have the meanings stated in § 10–702 of the Tax – General Article.
(3)    “Enterprise zone” and “focus area” have the meanings stated in § 5–701 of this article.
(b)    For a qualified  opportunity zone business that qualifies for an income tax credit for wages paid in an enterprise zone under § 10–702(c) and (d) of the Tax – General Article:
(1)    the Level 1 opportunity zone enhancement is:
(i)    up to  $1,025 of the wages paid to each qualified employee; and
(ii)    for wages paid to each qualified employee who is an economically disadvantaged individual, the credit allowed under § 10–702(c) and (d) is increased by 7.5% in each of the 3 taxable years in which the credit is claimed; and
(2)    the Level 2 opportunity zone enhancement is:
(i)    up to $1,200 of the wages paid to each qualified employee; and
(ii)    for wages paid to each qualified employee who is an economically disadvantaged individual, the credit allowed under § 10–702(e) of the Tax – General Article is increased by 10% in each of the 3 taxable years in which the credit is claimed.
(c)    For a qualified opportunity zone business that qualifies for an income tax credit for wages paid in a focus area under § 10–702(e) of the Tax – General Article:
(1)    the Level 1 opportunity zone enhancement is:
(i)    up to  $1,540 of the wages paid to each focus area employee; and
(ii)    for wages paid to each focus area employee who is an economically disadvantaged individual, the credit allowed under § 10–702(e) of the Tax – General Article is increased by 7.5% in each of the 3 taxable years in which the credit is claimed; and
(2)    the  Level 2 opportunity zone enhancement is:
(i)    up to $1,750 of the wages paid to each focus area employee; and
(ii)    for wages paid to each focus area employee who is an economically disadvantaged individual, the credit allowed under § 10–702(e) of the Tax – General Article is increased by 10% in each of the 3 taxable years in which the credit is claimed.
(d)    The enhanced multipliers authorized under subsections (b)(1)(i) and (2)(i) and (c)(1)(i) and (2)(i) of this section are in substitution for and not in addition to the multipliers under § 10–702(e) of the Tax – General Article.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1006 - Qualified Investor Tax Credit -- Biotechnology Companies

(a)    In this section, “investment”, “qualified investor”, and “qualified Maryland biotechnology company” have the meanings stated in § 10–725 of the Tax – General Article.
(b)    For a qualified opportunity fund that is a qualified investor in a qualified Maryland biotechnology company under § 10–725 of the Tax – General Article, if the qualified Maryland biotechnology company, on or after March 1, 2018, is newly established in or expands into an opportunity zone:
(1)    the Level 1 opportunity zone enhancement is 65% of the investment in a qualified Maryland biotechnology company in any county, not to exceed $575,000; and
(2)    the Level 2 opportunity zone enhancement is 75% of the investment in the qualified Maryland biotechnology company in any county, not to exceed $750,000.
(c)    The enhanced tax credit percentages and maximums authorized under subsection (b) of this section are in substitution for and not in addition to the percentages and maximums under § 10–725(d) of the Tax – General Article.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1007 - Qualified Investor Tax Credit -- Technology Companies

(a)    In this section, “investment”, “qualified investor”, and “qualified Maryland technology company” have the meanings stated in § 10–733 of the Tax – General Article.
(b)    For a qualified opportunity fund that is a qualified investor in a qualified Maryland technology company under § 10–733 of the Tax – General Article, if the qualified Maryland technology company, on or after March 1, 2018, is newly established in or expands into an opportunity zone in a county other than Allegany County, Dorchester County, Garrett County, or Somerset County:
(1)    the Level 1 opportunity zone enhancement is 33% of the investment in a qualified Maryland technology company, not to exceed $300,000; and
(2)    the Level 2 opportunity zone enhancement is 50% of the investment in the qualified Maryland technology company, not to exceed $500,000.
(c)    The enhanced tax credit percentages and maximums authorized under subsection (b) of this section are in substitution for and not in addition to the percentages and maximums under § 10–733(d) of the Tax – General Article.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 6 - Economic Development Tax Incentives › Subtitle 10 - Opportunity Zone Enhancement Program › Section 6-1008 - More Jobs for Marylanders Program Tax Credit

(a)    In this section, “eligible project” and “qualified position” have the meanings stated in § 6–801 of this article.
(b)    For a qualified opportunity zone business that qualifies for a More Jobs for Marylanders Program tax credit under § 10–741(b) of the Tax – General Article:
(1)    the Level 1 opportunity zone enhancement is equal to 6% of the total amount of wages paid for each qualified position at an eligible project; and
(2)    the Level 2 opportunity zone enhancement is equal to 6.25% of the total amount of wages paid for each qualified position at an eligible project.
(c)    The enhanced tax credit percentages authorized under subsection (b) of this section are in substitution for and not in addition to the State employer withholding amount under § 10–741(b) of the Tax – General Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 9 - Definitions › Subtitle 1 - Definitions › Section 9-101 - Definitions

(a)    In this division the following words have the meanings indicated.
(b)    “County” means a county of the State or Baltimore City.
(c)    “Department” means the Department of Commerce.
(d)    “Person” means an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, partnership, firm, association, corporation, or other entity.
(e)    “Secretary” means the Secretary of Commerce.
(f)    (1)    Except as provided in paragraph (2) of this subsection, “state” means:
(i)    a state, possession, territory, or commonwealth of the United States; or
(ii)    the District of Columbia.
(2)    When capitalized, “State” means Maryland.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-103 - Scope of Subtitle

A project financed under this subtitle may not include property that is eligible to be financed under Subtitle 3 of this title if any bonds issued under this subtitle to finance the property would be payable or guaranteed, directly or indirectly, by an “educational institution” or a “health care institution” as those terms are defined in § 10-301 of this title.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-104 - Legislative Findings; Purposes; Intent

(a)    The General Assembly finds that:
(1)    the State’s economy continues to experience technological change and restructuring;
(2)    technological change may result in economic contraction and dislocation, but affords opportunities to expand productive employment and expand the State’s economy and tax base;
(3)    the establishment of a public corporation to acquire or improve projects:
(i)    serves the public interest by accomplishing one or more of the Corporation’s legislative purposes listed in subsection (b) of this section; and
(ii)    complements existing State marketing programs administered by the Department and through the Department’s financial assistance programs including the Maryland Industrial Development Financing Authority and the Maryland Economic Development Assistance Authority under Title 5 of this article; and
(4)    the State lacks and needs direct property development capability for economic development purposes.
(b)    The legislative purposes of the Corporation are to:
(1)    relieve unemployment in the State;
(2)    encourage the increase of business activity and commerce and a balanced economy in the State;
(3)    help retain and attract business activity and commerce in the State;
(4)    promote economic development; and
(5)    promote the health, safety, right of gainful employment, and welfare of residents of the State.
(c)    The General Assembly intends that:
(1)    the Corporation operate and exercise its corporate powers in all areas of the State;
(2)    without limiting its authority to otherwise exercise its corporate powers, the Corporation exercise its corporate powers to assist governmental units and State and local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in the State as well as the attraction of new business to the State;
(3)    the Corporation cooperate with workforce development boards, private industry councils, representatives of labor, and governmental units in maximizing new economic opportunities for residents of the State;
(4)    the Corporation accomplish at least one of the purposes listed in subsection (b) of this section and complement existing State marketing and financial assistance programs by:
(i)    owning projects;
(ii)    leasing projects to other persons; or
(iii)    lending the proceeds of bonds to other persons to finance the costs of acquiring or improving projects that the persons own or will own; and
(5)    the Corporation not own and operate a project unless:
(i)    the Board determines by resolution that the private sector has not demonstrated serious and significant interest and development capacity to own and operate the project; or
(ii)    a representative of a governmental unit requests in writing that the Corporation own and operate the project.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-105 - Established

(a)    There is a Maryland Economic 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 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-106 - Board of Directors

(a)    A Board of Directors shall manage the Corporation and exercise its powers.
(b)    The Board consists of the following 12 members:
(1)    as ex officio voting members:
(i)    the Secretary; and
(ii)    the Secretary of Transportation; and
(2)    the following members, appointed by the Governor with the advice and consent of the Senate:
(i)    two representatives of local government;
(ii)    three members who are knowledgeable in real estate or commercial financing;
(iii)    three members who are knowledgeable in industrial development or industrial relations; and
(iv)    two members of the general public.
(c)    Each member of the Board shall be a resident of the State.
(d)    In appointing Board members, the Governor shall consider geographic diversity and minority representation.
(e)    (1)    The term of an appointed member is 4 years.
(2)    The terms of the 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 and qualifies.
(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 and qualifies.
(f)    Before taking office, each member appointed to the Board shall take the oath required by Article 1, § 9 of the Maryland Constitution.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-107 - Officers

(a)    From among its members, the Board shall elect a chair, a vice chair, and a treasurer.
(b)    The Board shall determine the manner of election of officers and their terms of office.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-108 - Quorum; Meetings

(a)    (1)    Seven members of the Board are a quorum.
(2)    An affirmative vote of at least seven members is needed for the Board to act.
(b)    The Board shall determine the times and places of its meetings.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-109 - Executive Director

(a)    (1)    Subject to the approval of the Governor, 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 of the Board;
(3)    keep minutes of all proceedings of the Board;
(4)    approve all salaries, per diem payments, and allowable expenses of the Corporation, its employees, and its consultants;
(5)    approve any expenses incidental to the operation of the Corporation; and
(6)    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 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-110 - Staff; Consultants

(a)    The Board shall employ any 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.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-112 - Findings of Board

A finding by the Board concerning the public purpose of an action, the legislative intent expressed under this subtitle, or the appropriateness of the action in serving the public purpose and satisfying the legislative intent is conclusive in a proceeding that involves the validity or enforceability of:
(1)    an agreement entered into by the Corporation under this subtitle;
(2)    a bond; or
(3)    any security relating to a bond.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-113 - 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 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-114 - Money of Corporation

(a)    The Corporation may create and administer the 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 that has a total paid-in capital of at least $1,000,000.
(c)    The Corporation may designate the trust department of a State bank, national bank, or savings and loan association as a depository to receive securities that the Corporation owns or acquires.
(d)    Unless an agreement or covenant between the Corporation and the holders of its obligations 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 governmental unit.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-115 - Powers -- in General

The Corporation may:
(1)    adopt bylaws for the conduct of its business;
(2)    adopt a seal;
(3)    maintain offices at a place it designates in the State;
(4)    accept loans, grants, or assistance of any kind from the federal government, a governmental unit, a college or university, 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, royalties, and charges for services, resources, and facilities it provides or makes available;
(10)    with the owner’s permission, enter lands, waters, or premises to make a survey, sounding, boring, or examination to accomplish a purpose authorized by this subtitle;
(11)    further define or limit the term “revenues” defined in § 10–101 of this subtitle as the term applies to a particular project, financing, or other matter;
(12)    create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether for–profit or nonprofit;
(13)    exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(14)    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 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-116 - Powers -- Projects

(a)    The Corporation may:
(1)    acquire, improve, develop, manage, market, maintain, lease as lessor or as lessee, and operate a project in the State;
(2)    acquire, directly or through a person or governmental unit, by purchase, gift, or devise, property, franchises, 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;
(3)    if approved by resolution by at least a two-thirds majority of the legislative body of each governmental unit in which the property is located, acquire real property or rights or easements in real property for a project by condemnation for public use in accordance with applicable law; and
(4)    make loans to a person to:
(i)    finance all or a part of the acquisition or improvement of a project; and
(ii)    refund outstanding bonds, mortgages, advances, loans, or other obligations of the person to finance all or part of the acquisition or improvement of a project.
(b)    The power of condemnation of the Corporation under subsection (a)(3) of this section may not exceed the power of condemnation of the governmental unit in which the property is located.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-117 - Powers -- Debt

(a)    The Corporation may:
(1)    borrow money and issue bonds to finance any part of the cost of a project or for any other corporate purpose of the Corporation;
(2)    secure the payment of any portion of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Corporation;
(3)    combine projects for financing, make agreements with or for the benefit of the bondholders or with others in connection with the issuance or future issuance of bonds, as the Corporation considers advisable; and
(4)    otherwise provide for the security of bonds and the rights of bondholders.
(b)    In addition to the powers of the Corporation under subsection (a) of this section, for the purpose of funding the purchase or condemnation by the State for public use of the property as authorized by §§ 11–520 and 11–521 of the Business Regulation Article, the Corporation may borrow money and issue bonds to finance the cost of acquiring by purchase or completing the condemnation process by the State in accordance with applicable legal standards.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-118 - Bonds -- in General

(a)    The Corporation may authorize the issuance of revenue bonds by resolution.
(b)    The Corporation may issue the bonds at one time or in one or more series from time to time.
(c)    The Corporation shall determine:
(1)    the date of the bonds;
(2)    the maturity dates of the bonds, which may not exceed 40 years from the date of issue;
(3)    the interest rates on the bonds;
(4)    the medium of payment of the principal of and interest on the bonds;
(5)    the form of the bonds;
(6)    the manner of executing the bonds;
(7)    the denominations of the bonds; and
(8)    the place at which the principal of and interest on the bonds will be payable, including at a bank or trust company in or outside the State.
(d)    An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(e)    (1)    Between successive holders, bonds are negotiable instruments under Title 3 of the Maryland Uniform Commercial Code.
(2)    Bonds may be registrable.
(f)    (1)    The Corporation shall sell the bonds by competitive or negotiated sale in a manner and for a price the Corporation determines to be in its best interests.
(2)    Bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.
(g)    Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-119 - Bonds -- Legal Investments

Bonds are securities:
(1)    in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:
(i)    an officer of a governmental unit;
(ii)    a bank, trust company, savings and loan association, investment company, or other person operating a banking business;
(iii)    an insurance association or other person operating an insurance business;
(iv)    a personal representative, guardian, trustee, or other fiduciary; and
(v)    any other person; and
(2)    that may be deposited with and received by a governmental unit or any officer of the State or a governmental unit for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-120 - Bonds -- Liability; Full Faith and Credit

(a)    (1)    This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.
(2)    This section does not limit the ability of the State or a governmental unit to impose and collect an assessment, rate, fee, or charge to pay to the Corporation any cost, including the principal of and interest on a bond, under an agreement between the Corporation and the State or governmental unit.
(b)    (1)    A bond:
(i)    is not a debt, liability, or a pledge of the full faith and credit of the State or a governmental unit; and
(ii)    is payable solely from revenues provided under this subtitle.
(2)    The issuance of a bond is not directly, indirectly, or contingently a moral or other obligation of the State or a governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3)    Each bond shall state on its face that:
(i)    neither the State nor any governmental unit is obliged to pay the principal of or interest on the bond, except from revenues pledged to payment of the bond; and
(ii)    neither the full faith and credit nor the taxing power of the State or a governmental unit is pledged to the payment of the principal of or interest on the bond.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-121 - Bonds -- Trust Agreement

(a)    (1)    The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.
(2)    A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(3)    A corporation or trust company incorporated in the State may:
(i)    act as depository of bond proceeds or revenues; and
(ii)    furnish an indemnity bond or pledge security that the Corporation requires.
(b)    The trust agreement or the resolution that provides for the issuance of a bond may:
(1)    state the rights and remedies of bondholders and any trustee;
(2)    contain provisions to protect and enforce the rights and remedies of bondholders;
(3)    contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;
(4)    restrict the individual rights of action of bondholders;
(5)    provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and
(6)    provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.
(c)    Expenses incurred in carrying out a trust agreement may be treated as part of the cost of operation of the Corporation.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-122 - Bonds -- Investment of Proceeds

(a)    The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b)    (1)    Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2)    If the Corporation loans the proceeds of the bonds to a person as provided in § 10-125 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c)    The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1)    to the payment of any cost; or
(2)    in any other lawful manner.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-123 - Bonds -- Refunding Bonds

(a)    (1)    The Corporation may issue bonds to refund outstanding bonds, including paying:
(i)    any redemption premium;
(ii)    interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii)    if considered advisable by the Corporation, any part of the cost of a project.
(2)    Refunding bonds may be issued for any corporate purpose, including:
(i)    realizing savings in the effective costs of debt service, directly or through a debt restructuring;
(ii)    alleviating an impending or actual default; or
(iii)    relieving the Corporation of a contractual agreement that the Corporation finds to be unreasonably onerous, impracticable, or impossible to perform.
(b)    (1)    The Corporation may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
(2)    (i)    In addition to other sources of payment that the Corporation determines, refunding bonds may be payable from escrowed bond proceeds and earnings and profits on investments.
(ii)    Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.
(c)    In the discretion of the Corporation, the proceeds of refunding bonds may be:
(1)    applied to the purchase, retirement at maturity, or redemption of outstanding bonds on a date the Corporation determines; and
(2)    pending application under item (1) of this subsection, placed in escrow.
(d)    (1)    The Corporation may invest escrowed refunding bond proceeds in investments and other obligations, maturing on appropriate dates to assure the prompt payment of the principal of, interest on, and any redemption premium on the bonds to be refunded.
(2)    (i)    Except as provided in subparagraph (ii) of this paragraph, the Corporation shall determine the investment of the proceeds of refunding bonds.
(ii)    If the Corporation loans the proceeds of refunding bonds to a person as provided in § 10-125 of this subtitle, the loan recipient shall determine the investment of the proceeds of refunding bonds.
(3)    The earnings and profits on investments or other obligations may be applied to the payment of the bonds to be refunded.
(4)    After the terms of the escrow have been fully satisfied, the balance of the proceeds and earnings and profits on investments or other obligations may be returned to the Corporation or the loan recipient for use in any lawful manner.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-124 - Bonds -- Enforcement of Rights and Duties

Except to the extent rights granted by this subtitle are restricted by resolution passed before the issuance of the bonds or by the trust agreement, a holder of a bond issued under this subtitle or a trustee under a trust agreement may sue to:
(1)    protect and enforce rights under the laws of the State, the resolution, or the trust agreement; and
(2)    enforce and compel performance of duties by the Corporation or its officers that this subtitle, the resolution, or the trust agreement requires.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-125 - Project Financing

(a)    The Corporation may:
(1)    lend or otherwise make available the proceeds of bonds to a person to finance costs of a project; and
(2)    enter into financing agreements, mortgages, and other instruments that it determines are necessary or desirable to evidence or secure the loan.
(b)    (1)    The lease for a project may require or authorize the lessee or another person to purchase or otherwise acquire the property for consideration that the Corporation establishes, when:
(i)    the principal of and interest on the bonds that financed the cost of the project are paid; or
(ii)    provision satisfactory to the Corporation is made for their payment.
(2)    Consideration required under paragraph (1) of this subsection may be nominal.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-126 - Rates and Charges

(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 use of the Corporation’s services.
(b)    The rates or charges of the Corporation are not subject to supervision or regulation by a governmental unit.
(c)    Subject to any agreement, the Corporation may apply the rates, charges, and other revenues received by the Corporation to any lawful purpose.
(d)    Except as necessary to pay debt service or implement programs of the Corporation, the net earnings of the Corporation may not benefit a person other than the State.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-127 - Pledge

(a)    The Corporation may pledge or assign:
(1)    any of its revenues;
(2)    any of its rights to receive revenues;
(3)    money and securities in accounts established to secure a bond; and
(4)    a lien or security interest granted or assignment made to the Corporation.
(b)    A pledge or assignment:
(1)    is valid and binding against any person having a claim against the Corporation in tort, contract, or otherwise, regardless of whether the person has notice of the pledge or assignment; and
(2)    has priority over the claim.
(c)    A resolution, trust agreement, assignment, financing agreement or other instrument that creates a lien, security interest, assignment, or pledge under subsection (a) of this section:
(1)    shall be filed in the records of the Corporation; but
(2)    need not be filed or recorded elsewhere.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-128 - Transfer of Real Property

(a)    With the approval of the legislative body of each governmental unit in which a project is proposed to be located, the Board of Public Works may convey to the Corporation, for economic development purposes, any real property, including improvements, that:
(1)    was transferred to the State, by gift or otherwise for substantially below market value, as a vacant or underutilized industrial facility or site;
(2)    has existed for at least 10 years; and
(3)    is at least 10 acres.
(b)    If a person who transfers property described in subsection (a)(1) of this section to the State owns property adjoining the transferred property, the Board of Public Works shall have the first option to purchase the adjoining property at a price determined when the original property was transferred.
(c)    Property conveyed under this section may be insured under Title 9 of the State Finance and Procurement Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 1 - Maryland Economic Development Corporation › Section 10-129 - Tax Status

(a)    Except as provided in subsection (b) of this section, the Corporation is exempt from any requirement to pay taxes or assessments on its properties or 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 real property taxes from the time of the sale or lease.
(c)    The bonds of the Corporation, including the interest on the bonds, are forever exempt from all State and local taxes.