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Maryland Code, Economic Development § 11-401

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

(b) “Board” means the Board of Directors of the Corporation.

(c)(1) “Bond” means a bond or note issued on behalf of the Corporation.

(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 Corporation, whether a general or limited obligation of the Corporation.

(d) “Corporation” means the Bainbridge Development Corporation.

(e) “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 Corporation 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 Corporation 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 of a project;

(11) administrative expenses;  and

(12) other expenses necessary or incident to:

(i) financing a project;

(ii) acquiring, improving, and marketing a project;

(iii) placing a project in operation, including reasonable provision for working capital;  and

(iv) operating and maintaining a project.

(f) “County Commissioners” means the Board of County Commissioners of Cecil County.

(g) “Finance” includes refinance.

(h) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.

(i) “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.

(j)(1) “Person” has the meaning stated in § 9-101 of this article.

(2) “Person” also includes a political subdivision.

(k)(1) “Project” means an undertaking to establish economic activity on property conveyed to the Corporation known as the Bainbridge Naval Training Center, including the historic Tome School for Boys, at Port Deposit, Maryland, whether or not a facility or property used or useful in connection with the undertaking 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) infrastructure, equipment, and furnishings;

(iii) property that is functionally related and subordinate to a project;  and

(iv) patents, licenses, and other rights necessary or useful in the construction or operation of a project.

(l)(1) “Revenues” means:

(i) the income, revenue, and other money the Corporation receives from or in connection with a project;  and

(ii) all other income of the Corporation.

(2) “Revenues” includes grants, rentals, rates, fees, and charges for the use of services furnished or available.

Cite this article: - Maryland Code, Economic Development § 11-401 - last updated December 31, 2021 |

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