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HARRY HUGHES, Governor
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2067
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money at least equal to the full appraised value of the land or
property, and if any such land or property is leased by the
Authority to any legal entity for any of the purposes
hereinbefore mentioned, the lessee shall pay annually to the
Authority an amount of money equal to the reasonable rental value
of the land or property. If any such land or property is sold as
aforesaid and land or property is then conveyed to the Authority
as security for a loan made by the Authority to the purchaser
under the provisions of this subtitle, the purchaser shall be
subject to State and local property taxes on such land or
property from the date of such sale UNLESS EXEMPTED BY APPLICABLE
STATE OR FEDERAL ENTERPRISE ZONE DESIGNATIONS;
(g) Use the proceeds of bonds of the Authority, or funds
otherwise available or to become available under the provisions
of this subtitle, or such proceeds and any other grant from the
United States of America or the State, or any agency or
instrumentality of either, for the purposes contemplated by the
provisions of this subtitle; or finance any private, public, or
quasi-public corporation, partnership, association, person, or
other legal entity in carrying out such purposes, either on land
or property that is owned or otherwise held or controlled by the
Authority or State, or on, under, or in any land or property
owned or otherwise held or controlled by any private, public or
quasi-public corporation, partnership, association, person, or
other legal entity and charge to and equitably apportion between
such private, public or quasi-public corporation, partnership,
association, person, or other legal entity all or a portion of
the Authority's administrative costs and expenses incurred in its
exercise of the powers and duties conferred by this subtitle.
However, if the Authority finances any private, public or
quasi-public corporation, partnership, association, person or
other legal entity to carry out the purposes of this subtitle as
hereinabove provided, no part of the proceeds shall be expended
for actually constructing, erecting, altering, expanding,
improving, or equipping any building, structure, or facility for
the purposes contemplated by this subtitle (as distinguished from
funds which are necessary to be expended in connection with the
acquisition of land or property or the preparation of plans or
the employment of assistants, aides, or employees of the
Authority, or other matters or things which are usually and
generally preliminary to the commencement of actual construction
work) until the Authority, with the approval of the Board of
Public Works of the State, has entered into a binding contract
with the private, public, or quasi-public corporation,
partnership, association, person or other legal entity secured to
the satisfaction of the Board of Public Works under the terms of
which the private, public, or quasi-public corporation,
partnership, association, person, or other legal entity is
obligated to pay to the Authority or its designee a sum to
provide for the payment of (1) the interest upon the bonds sold
pursuant to the provisions of this subtitle as the interest falls
due, (2) the principal of the bonds as it falls due, (3) the
necessary fiscal agency charges for paying principal and interest
and any charges or fees fixed by the Authority for its
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