§ 10-217
337 words·~2 min read·
/md/economic-development/10-217A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–217.
(1)“Person” has the meaning stated in § 9-101 of this article.
(2)“Person” also includes a public or quasi-public corporation.
(b)Subject to subsection
(c)of this section, the Authority may provide financing to a person to accomplish the purposes of this subtitle:
(1)on property that is owned or otherwise held or controlled by the Authority or the State; or
(2)on, under, or in property that is owned or otherwise held or controlled by any other person.
(1)This subsection does not apply to an expenditure of money:
(i)in connection with the acquisition of property or the preparation of plans;
(ii)to the employment of staff of the Authority; or
(iii)for other matters that customarily are preliminary to the commencement of construction.
(2)If the Authority provides financing to a person to accomplish the purposes of this subtitle, the Authority may not expend any bond proceeds to acquire or improve a facility until the Authority, with the approval of the Board of Public Works, has entered into a binding contract with the person.
(3)The contract shall:
(i)be secured to the satisfaction of the Board of Public Works; and
(ii)require the person to pay to the Authority or its designee:
1. the principal of and interest on bonds sold under this subtitle as they become due;
2. any fiscal agency charges for paying principal and interest;
3. any charges or fees set by the Authority for its administrative costs and expenses; and
4. any premium on bonds retired by call or purchased as provided in this subtitle.
(d)The Authority may charge to and equitably apportion between persons financed by the Authority under this section all or part of the Authority’s administrative costs and expenses incurred in exercising its powers and performing its duties under this subtitle.
(e)If property is transferred by the Authority to a person financed under this section, the person shall pay any State and local property taxes that accrue after the transfer.