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LAWS OF MARYLAND

Ch. 33

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection presently appears as
the introductory paragraph of Art. 41, § 266-O.

The present phrase "unless the context indicates
another ... intent" is deleted as unnecessary.

The only other changes are in style.

See also § 1—101 of this article for other
applicable definitions.

(B)   AUTHORITY.

"AUTHORITY" MEANS THE MARYLAND INDUSTRIAL DEVELOPMENT
FINANCING AUTHORITY.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first clause
of Art. 41, § 266M(a).

(C)   COST OF PROJECT.

(1)   "COST OF PROJECT" MEANS THE TOTAL OF THOSE
COSTS THAT ARE:

(I)   FOUND BY THE AUTHORITY TO BE
REASONABLY NECESSARY FOR THE CONSTRUCTION, ACQUISITION,
REHABILITATION, OR IMPROVEMENT OF AN INDUSTRIAL PROJECT;

(II)   INCURRED AFTER THE AUTHORITY APPROVES
THE MORTGAGE LOAN FOR THE PROJECT; AND

(III)   INCURRED BEFORE THE AUTHORITY
APPROVES THE MORTGAGE LOAN FOR THE PROJECT IF:

1.   A PARTICIPATING PUBLIC BODY
INCURS THE COSTS;

2.   THE COSTS ARE NECESSARY FOR THE
MORTGAGEE TO OBTAIN A FIRST LIEN MORTGAGE ON THE PROJECT AND
ARE INCIDENTAL TO THOSE INCURRED AFTER AUTHORITY APPROVAL;
OR

3.   THE AUTHORITY FINDS THAT THE
REFINANCING OF AN EXISTING INDUSTRIAL PROJECT IN THIS STATE
IS REASONABLY NECESSARY TO AVOID THE REMOVAL OF THAT PROJECT
FROM THIS STATE.

(2)   "COST OF PROJECT" INCLUDES:

(I)   THE COST OF ACQUIRING REAL PROPERTY;

(II)   THE COST OF CONSTRUCTING OR
RECONSTRUCTING BUILDINGS AND IMPROVEMENTS INCLUDING THE COST