HARRY HUGHES, Governor

1983

(2)  "Cost of project" includes:

(i) The cost of acquiring [real] ANY
INTEREST IN property;

(ii) The cost of [constructing or
reconstructing] ACQUIRING buildings and improvements
including the cost of constructing access to and from the
project;

(iii) The cost of extending to the project
site existing utility systems, if the consumer customarily
bears these costs;

(iv) Insurance premiums, financing
charges, interest costs, commitment fees, and other similar
charges and fees incurred before or during the period of
[construction, rehabilitation, or improvement] ACQUISITION;

(v) Any fees or charges that the Authority
imposes [in connection with] CONCERNING an application for
approval of [a mortgage loan] THE FINANCING OF THE
ACQUISITION OF AN INDUSTRIAL PROJECT;

(vi) The cost of preparing project
specifications, surveys, estimates, applications, and other
documents;

(vii) The cost of acquiring[, installing,
replacing, or repairing] any machinery or equipment to be
used [by the project occupant in its industrial or
manufacturing operations] FOR ANY OF THE PURPOSES PERMITTED
UNDER THIS SUBTITLE; and

(viii) All other costs, charges, fees, and
expenses, including labor costs, overhead costs, the costs
of materials and supplies, and engineering and legal
expenses, that are reasonably related to the [construction,]
acquisition[, rehabilitation, or improvement] of the
project.

(3)  "Cost of project", as to the costs that a
participating public body incurs before Authority approval
of the [mortgage] loan OR THE ISSUANCE OF BONDS, also
includes the fair market value of the assets for which the
costs were incurred, to be valued as of the time of the
approval of the loan OR THE ISSUANCE OF BONDS, if this fair
market value is greater than the actual costs incurred.

[(d)] (G) "Department" means the Department of
Economic and Community Development.

(H) "FINANCE" INCLUDES LENDING, FINANCING,
REFINANCING, OR PARTICIPATING IN THE LENDING, FINANCING, OR
REFINANCING OF THE ACQUISITION OF ONE OR MORE INDUSTRIAL
PROJECTS, PURCHASING BONDS ISSUED TO FINANCE THE ACQUISITION
OF ONE OR MORE INDUSTRIAL PROJECTS, OR REFUNDING OUTSTANDING