Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) The Authority may:
(1)(i) acquire, directly or through a participating institution acting as its agent, by purchase, gift, or devise, any property, franchises, and other interests in land, including submerged land and riparian rights, located in or outside the State, as necessary or convenient to construct, acquire, or operate a project, on terms and at prices the Authority considers reasonable; and
(ii) take title to the property in the name of the Authority or the participating institution as its designated agent;
(2) determine the location and character of a project to be financed under this subtitle, or designate a participating institution as its agent to do so;
(3) directly, or through a participating institution acting as its designated agent, acquire, improve, maintain, operate, lease as lessee or lessor, and regulate a project, and enter into contracts for any of these purposes and for the management of a project;
(4) fix and collect rates, rentals, fees, and charges for services and facilities that a project provides or makes available;
(5) directly, or through a participating institution acting as its designated agent, establish rules and regulations for the use of a project;
(6) mortgage, pledge, or otherwise encumber a project and its site or hold a mortgage or other encumbrance on a project and its site for the benefit of the holders of bonds issued to finance the project; and
(7) make a loan to a participating institution to:
(i) improve or acquire a project in accordance with an agreement between the Authority and the participating institution;
(ii) refinance any part of a project; and
(iii) refund or repay bonds, mortgages, advances, loans, or other obligations of the participating institution to the Authority, any person, or any unit of federal, State, or local government incurred to finance any part of a project.
(b) The Authority may undertake a joint project for two or more participating institutions.
(c) A loan from the Authority to a participating institution under subsection (a)(7)(i) of this section may not exceed the total cost of the project as determined by the participating institution and approved by the Authority.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-315 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-315/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.