Section 11-301 - Definitions.
§ 11-301. Definitions.
(a) In general.- In this subtitle the following words have the meanings indicated.
Revisor's Note.
This subsection formerly was Art. 83A, § 5-1701(a).
No changes are made.
(b) Authority.-
(1) "Authority" means a corporation incorporated in accordance with this subtitle to act as a local redevelopment authority in accordance with criteria set by the United States Department of Defense or its military services under the federal Defense Base Closure and Realignment Act of 1990.
(2) "Authority" does not include:
(i) Bainbridge Development Corporation;
(ii) Holabird Working Group/Baltimore Development Corporation (BDC); or
(iii) PenMar Development Corporation.
Revisor's Note.
This subsection formerly was Art. 83A, § 5-1701(g).
(c) Board.- "Board" means the Board of Directors of an authority.
Revisor's Note.
This subsection formerly was Art. 83A, § 5-1701(b).
No changes are made.
Defined Terms.
"Authority" § 11-301
(d) Bond.-
(1) "Bond" means a bond or note issued on behalf of an authority under this subtitle.
(2) "Bond" includes:
(i) a bond anticipation note;
(ii) a revenue anticipation note;
(iii) a grant anticipation note;
(iv) a refunding bond;
(v) a note in the nature of commercial paper; and
(vi) any other evidence of indebtedness issued on behalf of the authority, whether a general or limited obligation of the authority.
Revisor's Note.
This subsection formerly was Art. 83A, § 5-1701(c).
In paragraph (1) of this subsection, the reference to a bond or note "issued on behalf of" an authority is substituted for the former reference to a bond or note "of" an authority for clarity and accuracy. An authority is not authorized to issue its own bonds; rather, the Maryland Economic Development Corporation is authorized to issue bonds on behalf of the authority. See § 11-318 of this subtitle. Similarly, in paragraph (2)(vi) of this subsection, the reference to evidence of indebtedness "issued on behalf" of the authority is added for clarity.
No other changes are made.
Defined Terms.
"Authority" § 11-301
(e) Cost.- "Cost" includes:
(1) the purchase price of a project;
(2) the cost to acquire any right, title, or interest in a project;
(3) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of a project in the authority or other owner;
(4) the cost of any improvement;
(5) the cost of any property, right, easement, franchise, and permit;
(6) the cost of labor and equipment;
(7) financing charges;
(8) interest before and during construction and, if the authority determines, for a limited period after the completion of construction;
(9) reserves for principal and interest and for improvements;
(10) the cost of revenue estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement;
(11) administrative expenses; and
(12) other expenses necessary or incident to:
(i) financing a project;
(ii) acquiring and improving a project;
(iii) placing a project in operation, including reasonable provision for working capital; and
(iv) operating and maintaining a project.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83A, § 5-1701(d).
In item (5) of this subsection, the former reference to "lands" is deleted as included in the comprehensive reference to "property".
In item (10) of this subsection, the former reference to "practicability" of an acquisition is deleted as included in the reference to "feasibility".
In item (12)(iii) of this subsection, the former reference to placing a project in operation "by an authority or other owner" is deleted as implicit.
Defined Terms.
"Authority" § 11-301
"Cost" § 11-301
"Finance" § 11-301
"Improve" § 11-301
"Improvement" § 11-301
"Project" § 11-301
(f) Finance.- "Finance" includes refinance.
Revisor's Note.
This subsection is new language added for clarity and consistency within this article.
(g) Improve.- "Improve" means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
Revisor's Note.
This subsection formerly was Art. 83A, § 5-1701(f).
No changes are made.
(h) Improvement.- "Improvement" means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
Revisor's Note.
This subsection is new language added for brevity and clarity.
No other changes are made.
(i) Person.-
(1) "Person" has the meaning stated in § 9-101 of this article.
(2) "Person" also includes a political subdivision.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83A, § 5-1701(i).
Defined Terms.
"Person" § 9-101
(j) Project.-
(1) "Project" means an undertaking to establish economic activity under this subtitle on property to be conveyed to an authority by the United States Department of Defense or a military service, whether or not a facility or property used or useful in connection with the undertaking:
(i) is or will be used for profit or not for profit;
(ii) is located on a single site or multiple sites; or
(iii) may be financed by bonds, the interest on which is exempt from taxation under federal law.
(2) "Project" includes:
(i) property and rights related to the property, appurtenances, rights-of-way, franchises, and easements;
(ii) structures, equipment, and furnishings;
(iii) property that is functionally related and subordinate to the project; and
(iv) patents, licenses, and other rights necessary or useful in the improvement or operation of a project.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83A, § 5-1701(j).
In paragraph (1) of this subsection, the reference to "the undertaking" is substituted for the former reference to "any activity related to the economic activity on the property" for clarity and consistency within this article.
In paragraph (1)(iii) of this subsection, the reference to interest "on" bonds is substituted for the former incorrect reference to interest "of" bonds for clarity and accuracy.
In paragraph (2)(i) of this subsection, the former reference to "land or an interest in land" is deleted as included in the comprehensive reference to "property".
In paragraph (2)(iii) of this subsection, the reference to "property" is substituted for the former reference to "land and facilities" for brevity and clarity.
Defined Terms.
"Authority" § 11-301
"Finance" § 11-301
"Improvement" § 11-301
"Project" § 11-301
(k) Revenues.-
(1) "Revenues" means the income, revenue, and other money an authority receives from or in connection with a project.
(2) "Revenues" includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83A, § 5-1701(k).
In paragraph (2) of this subsection, the former reference to "all other income of the authority connected with a project" is deleted as redundant of paragraph (1) of this subsection.
Defined Terms.
"Authority" § 11-301
"Project" § 11-301
[An. Code 1957, art. 83A, § 5-1701(a)-(d), (f), (g), (i)-(k); 2008, ch. 306, § 2.]