Marvin Mandel, Governor                            955

participating institution for higher education or by a participating
hospital for a project, the cost of demolishing or removing any build-
ings or structures on land so acquired, including the cost of acquiring
any lands to which such buildings or structures may be moved, the
cost of all machinery and equipment, financing charges, interest prior
to and during construction and, if deemed advisable by the Author-
ity, for a limited period after completion of such construction, inter-
est and reserves for principal and interest and for extensions, enlarge-
ments, additions and improvements, cost of architectural, engineering,
financial and legal services, plans, specifications, studies, surveys, esti-
mates of cost and of revenues, administrative expenses necessary or
incident to determining the feasibility or practicability of constructing
the project and such other expenses as may be necessary or incident to
the construction and acquisition of the project, the financing of such
construction and acquisition and placing of the project in operation.

(d)    "Construction" as applied to a project or any portion thereof
financed under the provisions of this Act shall include reconstruction
and renovation.

(e)    "Bonds" or the words "revenue bonds" shall mean revenue
bonds of the Authority issued under the provisions of this Act, in-
cluding revenue refunding bonds, notwithstanding that the same may
be secured by mortgage or the full faith and credit of a participating
institution for higher education or participating hospital or any
other lawfully pledged security of a participating institution for
higher education or participating hospital.

(f)    "Institution for higher education" shall mean an educational
institution situated within the state which by virtue of law or char-
ter is a public or other nonprofit education institution empowered
to provide a program of education beyond the high school level and
awards a bachelor's or advanced degree or provides a program of
not less than two (2) years duration which is accepted for full
credit toward a bachelor's degree, and which (i) is a public educa-
tional institution meeting the standards, rules and regulations pre-
scribed by the State Board of Education and thereby empowered
to issue a certificate, diploma or degree pursuant to Article 77,
Section 24 of the Maryland Code, or (ii) is a nonprofit educational
institution having a certificate of approval issued by the State Super-
intendent of Schools or operating under a charter granted by the
legislature of Maryland pursuant to Article 77, Section 25 of the
Maryland Code. THIS TERM SHALL NOT MEAN ANY INSTITU-
TION OWNED AND OPERATED BY THE STATE.

(g)    "Participating institution for higher education" shall mean
an institution for higher education which, pursuant to the provi-
sions of this Act, shall undertake the financing and construction
or acquisition of a project or shall undertake the refunding or re-
financing of bonds or of a mortgage or of advances as provided in
and permitted by this Act.

(h) "Hospital" means a hospital located within this state meet-
ing the requirements of and having a license as required by Article
43, Sections 556-568, of this Code, and being, in fact, a health care
facility available to the general public, providing medical, surgical,
chronic long-term treatment, or treatment of mental illness, and
maintained and operated as a non-profit institution by some person,
association, municipal or other corporation, or other agency, or a