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Maryland Code, Economic Development § 10-340

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) In this part the following words have the meanings indicated.

(b) “Affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.

(c)(1) “Closure cost” means costs incurred in connection with the closure or delicensing of a hospital.

(2) “Closure cost” includes expenses of operating a hospital, payments to employees, employee benefits, fees of consultants, insurance, security services, utilities, legal fees, capital costs, costs of terminating contracts with vendors, suppliers of goods and services and others, debt service, contingencies, and other necessary or appropriate costs and expenses.

(d) “Control” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person through equity interest, membership interest, or contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.

(e) “Hospital” means an institution defined as a hospital under § 19-301 of the Health--General Article and that is licensed as a hospital by the Secretary of Health under § 19-318 of the Health--General Article.

(f) “Program” means the Maryland Hospital Bond Program under this part.

(g)(1) “Public obligation” means a bond, note, evidence of indebtedness, or other obligation, to repay borrowed money issued by the Authority, the State, a unit, instrumentality, or public corporation of the State, a governmental entity described in § 19-205(a) of the Local Government Article, a county, or a municipal corporation.

(2) “Public obligation” does not include an obligation, or portion of an obligation, if:

(i) the principal of and interest on the obligation or the portion of the obligation is:

1. insured by an effective municipal bond insurance policy; and

2. issued on behalf of a hospital that voluntarily closed in accordance with § 19-120(l) of the Health--General Article; and

(ii) the proceeds of the obligation or the portion of the obligation are used to finance wholly or partly:

1. a facility or part of a facility that is used primarily to provide outpatient services at a location other than the hospital; or

2. a facility or part of a facility that is used primarily by physicians who are not employees of the hospital to provide services to nonhospital patients.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-340 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-340/

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