reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part IV - Financial Assistance From Fund › Section 5-324 - Qualifications

(a)    Each subsection of this section is subject to § 5–323 of this subtitle.
(b)    If the Department or Authority determines a project to be a significant strategic economic development opportunity, the Department or Authority may provide a loan from the Fund for the project to an individual, private business, nonprofit entity, or the Corporation in an amount not exceeding $10,000,000.
(c)    If the Department or Authority determines a project to be a local economic development opportunity, the Department or Authority may provide financial assistance from the Fund for the project to an individual, private business, nonprofit entity, or the Corporation in an amount not exceeding:
(1)    $5,000,000 for a loan or investment; and
(2)    $2,000,000 for a grant.
(d)    (1)    Financial assistance provided to a local government or the Corporation to finance a project may be:
(i)    in the form of a grant, loan, or investment; and
(ii)    except as provided in paragraph (2) of this subsection, in an amount not exceeding $3,000,000.
(2)    Financial assistance for a Tier I county project may be in an amount determined by the Department.
(3)    A grant to a local economic development fund is subject to the requirements of Part V of this subtitle.
(e)    Financial assistance for a specialized economic development opportunity may be:
(1)    provided to an individual, private business, nonprofit entity, or local government, or the Corporation;
(2)    in the form of a grant, loan, or investment; and
(3)    in an amount determined by the Department or Authority.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part IV - Financial Assistance From Fund › Section 5-326 - Minority Business Enterprise Requirement

(a)    In this section, “minority business enterprise” has the meaning stated in § 14-301 of the State Finance and Procurement Article.
(b)    (1)    This section applies to financial assistance that exceeds $100,000.
(2)    This section does not apply to financial assistance that is used solely to acquire real property or structures on real property.
(c)    (1)    If a local government that receives financial assistance has a program for promoting procurement opportunities among minority businesses that is acceptable to the Department, the local government shall apply the requirements of that program to procurement made with the proceeds of financial assistance.
(2)    If the local government does not have a program that is acceptable to the Department under paragraph (1) of this subsection, the local government is subject to subsection (d) of this section.
(d)    (1)    An entity other than a local government, or a local government in accordance with subsection (c)(2) of this section, that receives financial assistance shall agree to include in the agreement providing the financial assistance a provision acceptable to the Department that would encourage the procurement from minority business enterprises of goods or services purchased with the proceeds from the financial assistance.
(2)    In negotiating the provision required under paragraph (1) of this subsection, the Department shall take into account relevant factors, including:
(i)    the intended use of the proceeds from the financial assistance; and
(ii)    the feasibility of obtaining the required goods or services from minority business enterprises.
(e)    The Department may require a recipient of financial assistance to submit to the Department a list, or an updated list, of the minority business enterprises from which goods or services were procured and the nature and cost of the goods or services.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part V - Grants to Local Economic Development Funds › Section 5-329 - Authorized

(a)    A local government may apply to the Department for a grant from the Fund to a local economic development fund.
(b)    In determining whether to approve a grant to a local economic development fund, the Department or Authority shall consider and determine:
(1)    the average rate of unemployment for the local jurisdiction in comparison to the average rate of unemployment for the State;
(2)    whether the local government currently administers a local economic development fund;
(3)    the ability of the local government to leverage private money;
(4)    the level of financial commitment provided by the local government; and
(5)    any other factors that the Department or Authority considers relevant.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part V - Grants to Local Economic Development Funds › Section 5-330 - Matching Funds Required

(a)    Except as provided in subsection (b) of this section, to qualify for a grant from the Fund, a local government shall provide at least an equal and matching grant of money to the local economic development fund.
(b)    A local government that is, or is located in, a Tier I county may qualify for a grant from the Fund by providing a grant to the local economic development fund in an amount equal to at least 50% of the grant from the Fund.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part V - Grants to Local Economic Development Funds › Section 5-331 - Limitations

(a)    During each fiscal year the Department may not grant more than $2,000,000 under this part.
(b)    (1)    Subject to paragraph (2) of this subsection, during each fiscal year a county may not receive more than $250,000 under this part.
(2)    For purposes of the limitation under paragraph (1) of this subsection:
(i)    any money received under this part by a municipal corporation or designated agency or instrumentality is deemed to be money granted to the county within which the municipal corporation, agency, or instrumentality is located; and
(ii)    if more than one county administers or capitalizes a local economic development fund, each county may receive the maximum authorized for a county.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part V - Grants to Local Economic Development Funds › Section 5-332 - Use of Grants; Reversion to Department

(a)    A local government shall use a grant under this part:
(1)    to provide loans or loan guarantees, or to subsidize the interest rate on loans, for financing economic development projects; or
(2)    to provide loans to small businesses.
(b)    The Department may require that money from a grant under this part be returned to the Department if the local economic development fund is inactive for more than 2 years after the grant is made.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VI - Brownfields Revitalization Incentive Program › Section 5-335 - Established

(a)    There is a Brownfields Revitalization Incentive Program in the Department.
(b)    The Department shall develop a program of financial assistance, including low-interest loans and grants, to assist persons who participate in the Brownfields Revitalization Incentive Program.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VI - Brownfields Revitalization Incentive Program › Section 5-336 - Election by County or Municipal Corporation to Participate

A county or municipal corporation may elect to participate in the Brownfields Revitalization Incentive Program by:
(1)    (i)    submitting to the Department a list of potential brownfields sites in the county or municipal corporation, ranked in the order of priority for redevelopment that the county or municipal corporation recommends; and
(ii)    updating each year the list submitted under item (i) of this item; or
(2)    (i)    enacting legislation granting property tax credits in accordance with § 9-229 of the Tax - Property Article; and
(ii)    notifying the Department of the legislation.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VI - Brownfields Revitalization Incentive Program › Section 5-337 - Financial Assistance for Environmental Site Assessments

(a)    Notwithstanding any other provision of law, the Department may provide to a person, including a responsible person, a low-interest loan or grant to conduct the environmental site assessment of a potential brownfields site that is required to participate in the Voluntary Cleanup Program under Title 7, Subtitle 5 of the Environment Article, if the person:
(1)    has not already applied to participate in the Program;
(2)    is otherwise eligible to participate in the Program; and
(3)    meets the eligibility requirements that the Department sets.
(b)    The information contained in an environmental site assessment is:
(1)    the property of the State, if the assessment is financed wholly or partly by:
(i)    a grant from the Department; or
(ii)    a loan that is in payment default; or
(2)    the property of the person who contracted for the assessment, if the assessment is financed by:
(i)    a loan from the Department; or
(ii)    a grant that is repaid.
(c)    Eligibility for a loan or grant for an environmental site assessment under this section does not constitute eligibility for:
(1)    any other financial assistance under this subtitle; or
(2)    the tax credits provided under § 9-229 of the Tax - Property Article.
(d)    The recipient of a grant under this section shall repay the grant if, within 12 months after receiving the grant, the recipient does not receive approval from the Department of the Environment to:
(1)    participate in the Voluntary Cleanup Program; or
(2)    implement a corrective action plan under Title 4 of the Environment Article.
(e)    A low-interest loan provided under this section shall convert to a market rate loan if, within 12 months after receiving the loan, the recipient does not receive approval from the Department of the Environment to:
(1)    participate in the Voluntary Cleanup Program; or
(2)    implement a corrective action plan under Title 4 of the Environment Article.
(f)    The Department may establish procedures and eligibility requirements for the approval of requests for loans and grants under this section.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VI - Brownfields Revitalization Incentive Program › Section 5-338 - Financial Assistance for Redevelopment of Brownfields Site

(a)    The Department shall determine whether a brownfields site is a qualified brownfields site based on whether the property:
(1)    is located in a densely populated urban center and is substantially underutilized; or
(2)    is an existing or former industrial or commercial site that poses a threat to public health or the environment.
(b)    When reviewing qualified brownfields sites for financial assistance under this part, the Department may consider:
(1)    the feasibility of redevelopment;
(2)    the public benefit to the community and the State through the redevelopment of the property;
(3)    the extent of releases or threatened releases at the brownfields site and the degree to which the cleanup and redevelopment of the brownfields site will protect public health or the environment;
(4)    the potential to attract or retain manufacturing or other economically significant employers;
(5)    the absence of identifiable and financially solvent responsible persons; or
(6)    any other factor relevant and appropriate to economic development.
(c)    A person may submit a request to the Department to determine whether the person qualifies for financial assistance for the potential redevelopment of a brownfields site when the person:
(1)    applies to participate in the Voluntary Cleanup Program under Title 7, Subtitle 5 of the Environment Article; or
(2)    receives approval from the Department of the Environment to implement a corrective action plan under Title 4 of the Environment Article.
(d)    (1)    The Department shall notify the person whether the person qualifies for financial assistance for the redevelopment of a brownfields site within 30 days after the Department receives a request under subsection (c) of this section if:
(i)    the Department of the Environment approves the participation in the Voluntary Cleanup Plan or a corrective action plan; and
(ii)    the Department or Authority approves the financial assistance.
(2)    The notice shall specify which of the criteria in subsection (b) of this section that the person meets.
(e)    When evaluating potential qualified brownfields sites, the Department shall consult with:
(1)    the Department of the Environment, the Department of Planning, and relevant local officials;
(2)    the neighboring community and any citizens groups located in the community;
(3)    representatives of State and local environmental organizations;
(4)    public health experts; and
(5)    any other person the Department considers appropriate.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VI - Brownfields Revitalization Incentive Program › Section 5-339 - Effect of Part

This part does not affect:
(1)    the planning and zoning authority of a county or municipal corporation; or
(2)    any provision of the Environment Article.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-342 - Authorized; Purpose; Separate Accounting

(a)    In addition to providing money from the Fund to assist in creating and expanding child care facilities in the State under other provisions of this subtitle, the Department may use federal or other money provided for the purpose to make child care special loans.
(b)    Child care special loans may be made to finance the expansion or improvement of child care services at child care facilities in the State, in accordance with this part.
(c)    All money received by the Fund for making child care special loans shall be accounted for separately, including:
(1)    federal money allocated or granted for child care special loans, including child care and development block grant money;
(2)    private money donated or granted to the Fund for child care special loans;
(3)    premiums, fees, interest payments, and principal payments on child care special loans made with federal money;
(4)    proceeds from the sale, disposition, or lease of collateral that relates to child care special loans;
(5)    any other money made available for child care special loans; and
(6)    any federal money for child care special loans that are used by the Department to pay costs of administering the child care special loans.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-343 - Considerations in Making Loans

In making child care special loans, the Department shall consider:
(1)    community need;
(2)    community income, with priority given to those communities with the lowest median family income;
(3)    care for children with teenage parents in school or training;
(4)    care for children with special needs; and
(5)    infant care.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-344 - Application Required

(a)    An applicant for a child care special loan shall submit to the Department an application that contains the information that the Department requires.
(b)    The application shall include:
(1)    a detailed description of the proposed or existing child care facility;
(2)    an itemization of known and estimated costs;
(3)    the total amount of money required to expand or improve child care services at the child care facility;
(4)    the money available to the applicant without a child care special loan from the Department;
(5)    the amount of money sought from the Department;
(6)    evidence of the inability of the applicant to obtain the financing necessary for the child care facility on affordable terms through normal lending channels;
(7)    information that relates to the financial status of the applicant, including, if applicable:
(i)    a current balance sheet;
(ii)    a profit and loss statement; and
(iii)    credit references; and
(8)    a lease, option to buy, deed, or evidence that the applicant is legally entitled to remain at the child care facility for at least the term of the loan.
(c)    The applicant for a child care special loan shall agree to:
(1)    operate the child care facility for at least the term of the child care special loan; and
(2)    repay the outstanding child care special loan in full on the loss of license, termination of lease, or transfer, sale, or refinancing of the child care facility, as applicable, before the end of the term of the child care special loan.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-345 - Standards for Making Loans

The Department may make a child care special loan to an applicant if:
(1)    the applicant meets the qualifications required by this part;
(2)    the applicant meets any additional requirements imposed by the source of the money to be loaned; and
(3)    the child care special loan will be used for an authorized use under § 5-348 of this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-346 - Terms and Conditions

(a)    Except as provided in this part, the Department may set the terms and conditions for child care special loans.
(b)    The term of a child care special loan may not exceed 10 years.
(c)    (1)    The minimum amount of a child care special loan is $1,000.
(2)    The maximum amount of a child care special loan is $10,000.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-347 - Loan Documents

(a)    If the Department makes a child care special loan to an applicant, the Department shall prepare loan documents.
(b)    The loan documents shall include:
(1)    the rate of interest on the child care special loan;
(2)    the amount of the child care special loan;
(3)    a requirement that before each disbursement of loan proceeds is released to the applicant, the applicant and the Department cosign the request for the money;
(4)    provisions for repayment of the child care special loan; and
(5)    any other provisions that the Department determines are necessary, including provisions to take liens and security interests in real and personal property.
(c)    The child care special loan documents may provide for penalties for an applicant who fails to operate the child care facility for the entire term of the child care special loan.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-348 - Use of Proceeds

(a)    The proceeds of a child care special loan may be used:
(1)    to assist the applicant in meeting applicable State and local child care standards;
(2)    to pay for minor renovations, and to upgrade child care facilities, to ensure that applicants meet State and local child care standards; or
(3)    to purchase and install equipment and furniture, including equipment needed to accommodate children with special needs.
(b)    Except as provided in subsection (a) of this section, the proceeds of a child care special loan may not be used:
(1)    to purchase or improve land; or
(2)    to purchase, construct, or improve a building or facility.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 3 - Maryland Economic Development Assistance Authority and Fund › Part VII - Child Care Special Loans › Section 5-349 - Foreclosures on Mortgages or Deeds of Trust

(a)    A mortgage or deed of trust held as security for a child care special loan made under this part that is in default may be foreclosed by the Department in the same manner as the Maryland Rules provide for foreclosures in private transactions.
(b)    The Department may take title in its name to any property foreclosed under this section as well as to convey title to that property to a bona fide purchaser of the property.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part I - General Provisions › Section 5-403 - Legislative Findings; Purposes

(a)    The General Assembly finds that:
(1)    unemployment conditions exist in many areas of the State;
(2)    the acquisition and improvement of facilities are essential to relieve this unemployment and establish a balanced economy in the State;
(3)    the health, safety, welfare, and right of gainful employment of residents throughout the State will be promoted by the acquisition and improvement of facilities;
(4)    the control or abatement of environmental pollution in the State, including noise pollution, is necessary to:
(i)    protect the health, safety, and welfare of the residents of the State;
(ii)    protect natural resources;
(iii)    retain and attract industry and commercial enterprises; and
(iv)    promote economic development;
(5)    public ports in the State are valuable assets and any improvements to these ports that increase the import and export of waterborne commerce will directly benefit residents throughout the State;
(6)    businesses need greater access to capital markets; and
(7)    the availability of financial assistance under this subtitle will promote the economic development of the State.
(b)    The purposes of this subtitle are to:
(1)    relieve unemployment in the State;
(2)    encourage the increase of industry and commerce and a balanced economy in the State;
(3)    help retain and attract industry and commerce through measures including:
(i)    port development;
(ii)    the control, reduction, or abatement of environmental pollution; and
(iii)    the utilization and disposal of wastes;
(4)    promote economic development;
(5)    protect natural resources and encourage resource recovery;
(6)    encourage the creation and expansion of day care facilities in the State; and
(7)    promote the health, safety, and welfare of residents throughout the State.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part I - General Provisions › Section 5-404 - Marketing Plan for Maryland Industrial Development Financing Authority

(a)    The Authority shall:
(1)    work to increase the utilization of the programs and funds established under the Authority to assist minority and women–owned businesses in the State; and
(2)    consider incentives to encourage the use of the Authority’s credit insurance services.
(b)    (1)    Subject to paragraph (2) of this subsection, the Authority shall develop and implement a marketing plan to increase awareness of the Authority’s credit insurance services.
(2)    The marketing plan implemented under paragraph (1) of this subsection shall identify methods to increase the utilization of the Authority’s credit insurance services by community banks and other financial institutions that make loans to historically disadvantaged businesses and businesses in rural areas of the State.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-406 - Established

(a)    There is a Maryland Industrial Development Financing Authority in the Department.
(b)    The Authority is a body politic and corporate and is an instrumentality of the State.
(c)    The exercise by the Authority of power under this subtitle is the performance of an essential governmental function.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-407 - Membership

(a)    (1)    The Authority consists of the following nine members:
(i)    seven members appointed by the Governor with the advice and consent of the Senate; and
(ii)    as ex officio members:
1.    the Secretary; and
2.    the Treasurer or the Comptroller, as the Governor designates.
(2)    An ex officio member may designate a representative to serve on the Authority.
(b)    The appointed members shall:
(1)    have substantial experience in business or economic development; and
(2)    reflect the geographic, racial, ethnic, and gender makeup of the State.
(c)    (1)    The term of an appointed member is 5 years.
(2)    The terms of the appointed members are staggered as required by the terms provided for members of the Authority on October 1, 2008.
(3)    At the end of a term, an appointed 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.
(d)    The Governor may remove an appointed member with or without cause.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-408 - Joint Membership With Maryland Economic Development Assistance Authority; Actions

(a)    The members of the Authority are also the members of the Maryland Economic Development Assistance Authority under § 5-306 of this title.
(b)    The members of the Authority may act concurrently in their capacities as members of the Authority and of the Maryland Economic Development Assistance Authority.
(c)    The members of the Authority shall carry out the powers and duties of the Authority under this subtitle whether acting:
(1)    concurrently as members of the Authority and the Maryland Economic Development Assistance Authority; or
(2)    as members of either authority alone.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-409 - Officers

(a)    (1)    From among its members, the Authority shall elect a chair and a vice chair.
(2)    The Executive Director serves as secretary of the Authority.
(b)    The Authority shall determine the manner of election of officers and their terms of office.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-410 - Quorum; Meetings; Compensation

(a)    (1)    Five members of the Authority are a quorum.
(2)    An affirmative vote of at least four members is needed for the Authority to act.
(b)    The Authority shall determine the times and places of its meetings.
(c)    A member of the Authority:
(1)    is not entitled to compensation as a member of the Authority; but
(2)    is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-411 - Executive Director

(a)    (1)    With the approval of the Secretary, the Authority shall appoint an Executive Director.
(2)    The Executive Director serves at the pleasure of the Authority, with the concurrence of the Secretary.
(3)    The position of Executive Director is a special appointment under the State Personnel and Management System.
(b)    The Executive Director is the chief administrative officer of the Authority.
(c)    The Executive Director shall:
(1)    direct and supervise the administrative affairs and technical activities of the Authority;
(2)    attend the meetings of the Authority;
(3)    record the minutes of the proceedings of the Authority;
(4)    approve all accounts for salaries, per diem payments, and allowable expenses of the Authority, its employees, and its consultants;
(5)    approve all expenses incidental to the operation of the Authority;
(6)    in cooperation with the Department, submit to the Authority reports and recommendations related to proposed financial assistance under this subtitle; and
(7)    perform the other duties that the Secretary or the Authority requires to carry out this subtitle.
(d)    The Executive Director is the resident agent of the Authority for the receipt of service made in accordance with the Maryland Rules.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-412 - Staff

(a)    The Authority may employ a staff in accordance with the State budget.
(b)    The Authority shall appoint and remove all personnel in accordance with the State Personnel and Pensions Article.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-413 - Powers and Duties

(a)    The Authority may:
(1)    adopt bylaws for the conduct of its business;
(2)    adopt a seal;
(3)    maintain offices in the State;
(4)    sue and be sued in its own name;
(5)    retain consultants;
(6)    use the services of other governmental agencies;
(7)    in accordance with the purposes of this subtitle, contract for and accept a loan or grant from the federal government or the State, a local government, or any of their units or instrumentalities;
(8)    acquire, improve, manage, operate, dispose of, or otherwise deal with property, take assignments of rentals and leases, and make contracts, leases, agreements, and arrangements that are necessary or incidental to the performance of the Authority’s duties, on the terms and conditions that it may consider advisable;
(9)    acquire or receive assignment of a document executed, obtained, or delivered in connection with financial assistance under this subtitle;
(10)    subject to any outstanding agreement the Authority makes under this subtitle, make a covenant or other agreement regarding the Authority’s insurance funds, establish within them accounts to carry out this subtitle, and allocate revenue and receipts among the accounts;
(11)    fix, charge, and collect a premium, fee, cost, or other expense related to financial assistance under this subtitle, including an application fee, commitment fee, program fee, finance charge, and publication fee;
(12)    authorize the chair, vice chair, or Executive Director to perform, on behalf of the Authority, a duty or prescribe, specify, determine, or approve a detail, document, procedure, or a matter that the Authority, in its sole discretion, determines appropriate to carry out this subtitle; and
(13)    do all things necessary or convenient to carry out the powers granted by this subtitle.
(b)    The Authority shall:
(1)    keep records of its funds and accounts; and
(2)    ensure that its funds and accounts are audited annually.
(c)    In its internal functions, the Authority shall purchase office space, supplies, facilities, materials, equipment, and professional services in accordance with the State Finance and Procurement Article.
(d)    The Authority exercises its powers and performs its duties subject to the authority of the Secretary.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-415 - Agreements

(a)    The Authority may approve, or may authorize the Executive Director to approve, the form of an agreement by the Authority under this subtitle.
(b)    Any money that the Authority pays under an agreement the Authority makes under this subtitle shall be payable as and when the Authority determines in its sole discretion.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-416 - Effect of Finding

A finding by the Authority, including a finding 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:
(1)    an agreement the Authority enters into under this subtitle;
(2)    a bond; or
(3)    any security relating to item (1) or (2) of this section.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-417 - Public Ethics; Rules of Construction

Even though a determination of the Authority about financial assistance is subject to the Maryland Public Ethics Law, the existence of a conflict of interest or a violation of the Maryland Public Ethics Law does not affect:
(1)    the validity of a finding or determination made under this subtitle;
(2)    the enforceability of an agreement that the Authority makes under this subtitle; or
(3)    the validity or enforceability of a bond that the Authority issues.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part II - Maryland Industrial Development Financing Authority › Section 5-418 - Immunity From Personal Liability

A member of the Authority, a person executing a bond or agreement of the Authority under this subtitle, or an employee of the Authority, the Department, or the State is not:
(1)    personally liable on a bond or agreement of the Authority; or
(2)    subject to personal liability or accountability arising from the issuance, execution, or delivery of a bond or agreement of the Authority.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-424 - Purpose

The Fund shall be used:
(1)    for the purposes described in Part VI and §§ 5–430, 5–431, and 5–438 of this subtitle; and
(2)    to pay expenses of the Authority, including expenses:
(i)    for administrative, legal, actuarial, and other services;
(ii)    related to:
1.    issuance or insurance of bonds and authorized purpose obligations; and
2.    funding of reserves; and
(iii)    of providing other financial assistance under this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-425 - Composition

(a)    The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
(b)    The Fund consists of:
(1)    money appropriated in the State budget to the Fund;
(2)    premiums, fees, and any other money received by the Authority with respect to financial assistance provided by the Authority from the Fund;
(3)    proceeds from the sale, lease, or other disposition of property of the Authority;
(4)    interest received from linked deposits made from the Linked Deposit Program under Part VI of this subtitle; and
(5)    any other money made available under this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-426 - Investments

(a)    The Treasurer shall:
(1)    invest the money in the Fund in the same manner as other State money may be invested; and
(2)    credit any investment earnings to the Fund.
(b)    Any net investment earnings of the Fund, beyond those necessary to further the purposes of this subtitle, may not benefit a person other than the State.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-427 - Additional Money

(a)    The Authority shall send a written request to the Board of Public Works for additional money if:
(1)    the Authority and the Secretary find that more money is needed to keep the reserves of the Fund at an adequate level; and
(2)    the Secretary consents to the request.
(b)    The Board of Public Works may disburse the requested amount from the General Emergency Fund.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-428 - Surplus Money

With the consent of the Secretary, the Authority may pay to the Treasurer, to the credit of the General Fund, money that the Authority determines exceeds the amount necessary to meet:
(1)    the obligations of the Authority under this subtitle; and
(2)    the requirements of this subtitle.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-429 - Report of Treasurer

Each year the Treasurer shall report to the Authority on the:
(1)    status of the Fund;
(2)    market value of the assets in the Fund as of the date of the report; and
(3)    earnings from investments of the Fund during the period covered by the report.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-430 - Bond-Related Insurance

(a)    If the requirements of this section are satisfied, and subject to § 5-432 of this subtitle, the Authority may use the Fund to:
(1)    insure the payment of any of the principal of, redemption or prepayment premiums or penalties on, and interest on:
(i)    bonds; and
(ii)    any instrument executed, obtained, or delivered in connection with the issuance and sale of bonds; and
(2)    pay or insure the payment of fees or premiums for insurance, guarantees, or other credit support in connection with financial assistance under this subtitle.
(b)    Based on factors it considers relevant, the Authority shall determine, in its sole discretion, that the economic impact of the transaction will be substantial.
(c)    The Authority shall find:
(1)    that the acquisition or improvement of a facility will not result in:
(i)    the removal from one county to another county of the business operations of the facility user; or
(ii)    the abandonment of a facility in the State; or
(2)    if the acquisition or improvement will result in removal or abandonment, that the acquisition or improvement will:
(i)    discourage the facility user from leaving the State; or
(ii)    preserve the competitive position of the facility user in its industry.
(d)    The Authority shall find that the Authority will not be required, except on default, to operate, service, or maintain the facility.
(e)    The bonds or instruments shall be secured in a manner that the Authority approves.
(f)    Financial assistance from the Fund provided under this section may not exceed an aggregate amount of $7,500,000 for a single facility.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part III - Industrial Development Fund › Section 5-431 - Authorized Purpose Obligation Insurance

(a)    If the requirements of this section are satisfied, and subject to § 5-432 of this subtitle, the Authority may use the Fund to:
(1)    insure the payment of any of the principal of, redemption or prepayment premiums or penalties on, and interest on authorized purpose obligations; and
(2)    pay or insure the payment of fees or premiums for insurance, guarantees, or other credit support in connection with financial assistance under this subtitle.
(b)    Based on factors it considers relevant, the Authority shall determine, in its sole discretion, that the economic impact of the transaction will be substantial.
(c)    The Authority shall find:
(1)    that the transaction will not result in:
(i)    the removal from one county to another county of the business operations of any person who benefits from the transaction; or
(ii)    the abandonment of the business operations in the State of any person who benefits from the transaction; or
(2)    if the transaction will result in removal or abandonment, that the transaction will:
(i)    discourage the business from leaving the State; or
(ii)    preserve the competitive position of the business in its industry.
(d)    Financial assistance under this section may only be used in connection with a retail establishment if the Authority determines, in its sole discretion, that the financial assistance will accomplish the purposes of this subtitle.
(e)    The Authority shall find that the Authority will not be required, except on default, to operate, service, or maintain any business.
(f)    The authorized purpose obligations shall be secured in a manner that the Authority approves.
(g)    Financial assistance from the Fund provided under this section may not exceed an aggregate amount of $2,500,000 for a single transaction.
(h)    The aggregate amount of insurance provided under this section for a single authorized purpose obligation may not exceed:
(1)    for an export-related financing transaction, 90% of the total of the principal of, redemption or prepayment premiums or penalties on, and interest on, the authorized purpose obligation; or
(2)    for a transaction other than an export-related financing transaction, 80% of the total of the principal of, redemption or prepayment premiums or penalties on, and interest on, the authorized purpose obligation.
2023 Maryland Statutes › Economic Development › Division I - Secretary of Commerce and Department of Commerce › Title 5 - Economic Development and Financial Assistance Programs › Subtitle 4 - Maryland Industrial Development Financing Authority › Part IV - Financial Assistance › Section 5-435 - Application of Other Laws

Financial assistance under this subtitle is:
(1)    subject to the provisions of Title 20 of the State Government Article concerning discrimination and unlawful practices; and
(2)    not subject to Title 17, Subtitle 1 of the State Finance and Procurement Article (Security for construction projects).