HARRY HUGHES, Governor                                         2629

nor a pledge of the full faith and credit of the State or
its political subdivisions; stating the applicability of
certain State and local laws, regulations, or approvals to
the activities of the corporation; authorizing the State
Treasurer to make certain advances to the corporation to be
repaid; providing that, subject to certain exceptions, the
corporation is exempt from State or local taxation or
assessments; requiring the Board of Public Works to convey
certain property without consideration known as the
"Fairchild Industries" property to the corporation at a
certain time; authorizing the Board of Public Works to

convey certain excess property of the State to the

corporation for economic development purposes; authorizing
the Board of Public Works to convey certain other property
to the corporation for economic development purposes subject
to certain local approval and certain limitations; requiring
certain audits and reports; and generally relating to the
creation, organization, powers, and limitations of the
Maryland Economic Development Corporation.

BY adding to

Article 41 - Governor - Executive and Administrative

Departments
Section 551 through 566 to be under the new subtitle

"Maryland Economic Development Corporation"
Annotated Code of Maryland
(1982 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 41 - Governor - Executive and Administrative

Departments

THE MARYLAND ECONOMIC DEVELOPMENT CORPORATION

551.

(A)   IN THIS SUBTITLE, THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)   "BONDS" MEANS ALL BONDS AND NOTES OF THE CORPORATION,
INCLUDING BOND ANTICIPATION NOTES, REVENUE ANTICIPATION NOTES,
GRANT ANTICIPATION NOTES, REFUNDING BONDS, NOTES IN THE NATURE OF
COMMERCIAL PAPER, OR OTHER EVIDENCES OF INDEBTEDNESS OF THE
CORPORATION, WHETHER GENERAL OR LIMITED OBLIGATIONS OF THE
CORPORATION ISSUED UNDER THIS SUBTITLE.

(C)   "CORPORATION" MEANS THE MARYLAND ECONOMIC DEVELOPMENT
CORPORATION.

(D)   "COST" SHALL INCLUDE THE PURCHASE PRICE OF ANY THE ANY
PROJECT OR THE COST OF ACQUIRING ALL OR ANY PORTION OF THE RIGHT,