HARRY HUGHES, Governor

3465

Article 4 - Public Local Laws of Maryland
(1979 Edition and 1983 Supplement, as amended)

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

Article - Financial Institutions

SUBTITLE 4. ENTERPRISE DEVELOPMENT PROGRAM

13-401.

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

(B) "BONDS" MEANS ANY BOND OR BONDS ISSUED PURSUANT TO THIS
SUBTITLE.

(C) "ENTERPRISE" MEANS ANY INDIVIDUAL, PARTNERSHIP,

CORPORATION, JOINT VENTURE OR OTHER ENTITY CARRYING ON BUSINESS,
OR PROPOSING TO CARRY ON BUSINESS, WITHIN THE STATE.

(D) "EQUITY" MEANS EQUITY AS DETERMINED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

(E) "GOVERNING BODY" MEANS THE LEGISLATIVE BODY OF ANY

COUNTY OR MUNICIPAL CORPORATION AND THE BOARD OF ESTIMATES OF

THE CITY OF BALTIMORE.

(F) "ISSUER" MEANS A POLITICAL SUBDIVISION THAT ISSUES AND
SELLS GENERAL OBLIGATION BONDS PURSUANT TO THIS SUBTITLE IN ORDER
TO PROVIDE MONEYS FOR APPROPRIATION TO A LOCAL FUND.

(G) "LOCAL ECONOMIC DEVELOPMENT AGENCY" MEANS AN AGENCY,
COMMISSION OR OTHER ENTITY, PUBLIC OR PRIVATE, SO DESIGNATED FOR
PURPOSES OF THIS SUBTITLE BY A GOVERNING BODY.

(H) "LOCAL FUND" MEANS AN ENTERPRISE DEVELOPMENT FUND

ESTABLISHED FOR PURPOSES OF THIS SUBTITLE BY A POLITICAL

SUBDIVISION OR BY 2 OR MORE POLITICAL SUBDIVISIONS.

(I) "LOCAL PROGRAM" MEANS AN ENTERPRISE DEVELOPMENT PROGRAM

ESTABLISHED FOR PURPOSES OF THIS SUBTITLE BY A POLITICAL

SUBDIVISION OR BY 2 OR MORE POLITICAL SUBDIVISIONS.

(J) "POLITICAL SUBDIVISION" MEANS ANY COUNTY IN THIS STATE,
THE MAYOR AND CITY COUNCIL OF BALTIMORE, AND ANY MUNICIPAL
CORPORATION SUBJECT TO THE PROVISIONS OF ARTICLE XI-E OF THE

STATE CONSTITUTION. IN THE EVENT 2 OR MORE POLITICAL

SUBDIVISIONS ESTABLISH A LOCAL PROGRAM AND A LOCAL FUND PURSUANT
TO THIS SUBTITLE, "POLITICAL SUBDIVISION" MEANS, COLLECTIVELY,
THE POLITICAL SUBDIVISIONS PARTICIPATING IN SUCH LOCAL PROGRAM
AND LOCAL FUND.