3474

LAWS OF MARYLAND

Ch. 745

TERMINATION OF THE LOCAL PROGRAM AND ANY PROCEEDS FROM THE SALE,
LEASE, RENTAL, OR OTHER DISPOSAL OF PROPERTY, GOODS, OR OTHER
COLLATERAL HELD OR ACQUIRED BY THE POLITICAL SUBDIVISION TO
SECURE THE REPAYMENT OF A LOAN MADE OR GUARANTEED BY THE
POLITICAL SUBDIVISION PURSUANT TO THIS SUBTITLE PRIOR TO THE
TERMINATION OF THE LOCAL PROGRAM;

(3) TO PAY FROM THE LOCAL FUND, AS AND WHEN DUE, ANY
OBLIGATIONS ENTERED INTO BY THE POLITICAL SUBDIVISION WITH
RESPECT TO ANY LOAN GUARANTY MADE BY THE POLITICAL SUBDIVISION
PURSUANT TO THIS SUBTITLE PRIOR TO THE TERMINATION OF THE LOCAL
PROGRAM; AND

(4) TO PAY FROM THE LOCAL FUND ALL EXPENSES INCURRED
BY THE POLITICAL SUBDIVISION IN ADMINISTERING THE LOCAL FUND.

(D) EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, AT SUCH
TIME AS ALL LOANS MADE, AND ALL OBLIGATIONS ENTERED INTO, BY THE
POLITICAL SUBDIVISION PURSUANT TO THIS SUBTITLE PRIOR TO THE
TERMINATION OF THE LOCAL PROGRAM HAS BEEN PAID, SATISFIED, OR
OTHERWISE TERMINATED, ALL MONEYS REMAINING IN THE LOCAL FUND
SHALL BE PAID OVER TO THE GENERAL FUND OF THE POLITICAL
SUBDIVISION.

Article 4 - Baltimore City

SUBTITLE 27 - ENTERPRISE DEVELOPMENT PROGRAM

27-1.

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

(B) "BOARD OF ESTIMATES" MEANS THE BOARD OF ESTIMATES OF
THE CITY OF BALTIMORE.

(C) "CITY" MEANS MAYOR AND CITY COUNCIL OF BALTIMORE.

(D) "ECONOMIC DEVELOPMENT AGENCY" MEANS AN AGENCY,
COMMISSION OR OTHER ENTITY, PUBLIC OR PRIVATE, SO DESIGNATED FOR
PURPOSES OF THIS SUBTITLE BY THE BOARD OF ESTIMATES.

(E) "ENTERPRISE" MEANS ANY INDIVIDUAL, PARTNERSHIP,
CORPORATION, JOINT VENTURE OR OTHER ENTITY CARRYING ON BUSINESS,
OR PROPOSING TO CARRY ON BUSINESS WITHIN THE STATE LIMITS OF
BALTIMORE CITY.

(F) "EQUITY" MEANS EQUITY A3 DETERMINED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

(G) "FUND" MEANS THE ENTERPRISE DEVELOPMENT FUND
ESTABLISHED FOR PURPOSES OF THIS SUBTITLE BY THE CITY.

(H) "PROGRAM" MEANS THE ENTERPRISE DEVELOPMENT PROGRAM
ESTABLISHED FOR PURPOSES OF THIS SUBTITLE BY THE CITY.