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2420 VETOES
EXCEEDING $50,000 OR IMPRISONMENT IN THE PENITENTIARY NOT
EXCEEDING 5 YEARS, OR BOTH.
13-141.
THIS SUBTITLE MAY BE REFERRED TO AS THE MARYLAND INDUSTRIAL
DEVELOPMENT FINANCING AUTHORITY ACT.
Article 41 - Governor - Executive and Administrative Departments
266A.
(c) "Authority" means an industrial development authority
created under § 266C of this subtitle. AS USED IN THIS SUBTITLE,
AUTHORITY DOES NOT INCLUDE THE MARYLAND INDUSTRIAL DEVELOPMENT
FINANCING AUTHORITY.
(g) "Facility" or "facilities" means any land or interest
in land, buildings, structures, machinery, equipment,
furnishings, or other real or personal property or interest in
them, or any combination of them, the acquisition of which the
legislative body of a municipality or county, [or] the board of
directors of an authority, OR THE MARYLAND INDUSTRIAL DEVELOPMENT
FINANCING AUTHORITY, in its sole and absolute discretion, finds
and determines by resolution will accomplish 1 or more of the
legislative purposes set forth in § 266B of this subtitle,
including, without limitation, that or those which may be
financed from the proceeds of the issuance and sale of bonds the
interest on which is exempt from federal income taxation under
the provisions of § 103 of the Federal Internal Revenue Code of
1954 or any other federal statute hereafter enacted. A facility
does not constitute a capital project of [a municipality or
county] ANY PUBLIC BODY within the meaning of any statutory or
charter provision.
(n) "Public body" means any county, municipality, [or]
authority!.], OR THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING
AUTHORITY.
266D.
(a) In order further to accomplish the legislative policy
of this subtitle, in addition to whatever other powers it may
have and notwithstanding any limitation of law, any public body
may issue and sell its bonds, as its limited obligations and not
upon its faith and credit or pledge of its taxing power, at any
time and from time to time, for the purposes of financing or
refinancing any costs of the acquisition of 1 or more facilities
for 1 or more facility users or of refunding outstanding bonds,
including the necessary expenses of preparing, printing, selling,
and issuing those bonds, the funding of reserves, and the payment
of interest with respect to financing such acquisition in such
amounts, or for such period, as the public body deems reasonable.
Bonds issued by an authority shall be deemed to be issued on
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