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Statutes Text

Article - Economic Development


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

    (b)    “Agricultural loan” means a loan made to a person by a lender to finance:

        (1)    land acquisition or improvement;

        (2)    agricultural, aquacultural, equine, horticultural, or silvicultural production;

        (3)    soil conservation;

        (4)    pond construction;

        (5)    irrigation;

        (6)    water well drilling;

        (7)    improvement of a structure or facility;

        (8)    purchase of a farm fixture, livestock, or poultry;

        (9)    fish, crustaceans, or mollusks of any kind;

        (10)    seeds, plants, or trees;

        (11)    fertilizer;

        (12)    pesticide;

        (13)    feed;

        (14)    equipment; or

        (15)    containers or supplies employed in the production, cultivation, harvesting, processing, storage, marketing, distribution, or export of an agricultural product.

    (c)    “Agriculture” means the commercial production, storage, processing, marketing, distribution, or export of an agronomic, aquacultural, equine, floricultural, horticultural, ornamental, silvicultural, or viticultural crop, including:

        (1)    a farm product;

        (2)    livestock or a livestock product;

        (3)    poultry or a poultry product;

        (4)    milk or a dairy product;

        (5)    timber or a forest product;

        (6)    fruit or a horticultural product; and

        (7)    seafood or an aquacultural product.

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

    (e)    (1)    “Bond” means a bond of the Corporation issued under this subtitle.

        (2)    “Bond” includes:

            (i)    a renewal note;

            (ii)    a refunding bond;

            (iii)    an interim certificate;

            (iv)    a certificate of indebtedness;

            (v)    a debenture;

            (vi)    a warrant;

            (vii)    commercial paper; and

            (viii)    any other obligation.

    (f)    “Corporation” means the Maryland Agricultural and Resource-Based Industry Development Corporation.

    (g)    “Finance” includes refinance.

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

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

    (j)    (1)    “Lender” means a financial institution authorized to do business in the State or operating under the supervision of a federal unit.

        (2)    “Lender” includes:

            (i)    a bank;

            (ii)    a trust company;

            (iii)    a federal land bank;

            (iv)    a farm credit association;

            (v)    a bank for cooperatives;

            (vi)    insurance company;

            (vii)    investment banker;

            (viii)    mortgage banker or company;

            (ix)    pension or retirement fund;

            (x)    savings and loan association;

            (xi)    small business investment company; or

            (xii)    credit union.

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

        (2)    “Person” also includes a unit of a state or of the federal government.

    (l)    (1)    “Project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the purposes listed in § 10-502 of this subtitle, whether or not the property, or any interest in the property:

            (i)    is or will be used or operated for profit or not for profit;

            (ii)    is or will be located on one or more 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, easements, and other interests in property;

            (ii)    structures, equipment, furnishings, rail or motor vehicles, barges, and boats;

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

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

    (m)    (1)    “Revenue” means the income, revenue, and other money received by the Corporation from or in connection with a project and all other income of the Corporation.

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

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