HARRY HUGHES, Governor

1175

9-1217. 13-717. RESERVED

PART III. MISCELLANEOUS PROVISIONS.
9-1218. 13-718.

THE AUTHORITY IS EXEMPT:

(1)  FROM TAXATION BY THE STATE AND LOCAL GOVERNMENT;

(2)  EXCEPT AS PROVIDED IN § 18-601 OF THE STATE
FINANCE AND PROCUREMENT ARTICLE, FROM THE PROVISIONS OF DIVISION
II OF THE STATE FINANCE AND PROCUREMENT ARTICLE; AND

(3)  FROM THE PROVISIONS OF ARTICLE 64A OF THE CODE.

9-1219. 13-719.

IN ADDITION TO THE DUTIES SET FORTH ELSEWHERE IN THIS
SUBTITLE, THE AUTHORITY SHALL:

(1)  KEEP RECORDS AS ARE CONSISTENT WITH SOUND
BUSINESS PRACTICES AND ACCOUNTING RECORDS USING GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES;

(2)  CAUSE AN AUDIT BY AN INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANT TO BE MADE OF THE ACCOUNTS AND TRANSACTIONS OF THE
AUTHORITY AT THE CONCLUSION OF EACH FISCAL YEAR; AND

(3) BE SUBJECT TO AN AUDIT AND EXAMINATION AT ANY
REASONABLE TIME OF THE ACCOUNTS AND TRANSACTIONS OF THE AUTHORITY
BY THE DIVISION OF AUDITS OF THE DEPARTMENT OF FISCAL SERVICES;
AND

(3) (4) SUBMIT A DETAILED ANNUAL REPORT OF THE
ACTIVITIES AND FINANCIAL STANDING OF THE AUTHORITY TO THE
GOVERNOR, AND SUBJECT TO § 2-1312 OF THIS ARTICLE, TO THE GENERAL
ASSEMBLY.

9-1220. 13-720.

(A)  FOR PURPOSES OF APPLYING FOR, RECEIVING, AND ENTERING
INTO AGREEMENTS IN CONNECTION WITH LOANS, GRANTS, INSURANCE, OR
OTHER FORMS OF FINANCIAL ASSISTANCE, THE AUTHORITY IS:

(1)  A PUBLIC BODY WITHIN THE MEANING OF THE MARYLAND
INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY ACT; AND

(2)  A POLITICAL SUBDIVISION WITHIN THE MEANING OF THE
MARYLAND INDUSTRIAL LAND ACT AND THE MARYLAND INDUSTRIAL AND
COMMERCIAL REDEVELOPMENT FUND ACT.

(B)  ARTICLE 41, §§ 443, 444, AND 462(C)(2)(IV) OF THE CODE
DO NOT APPLY TO THE AUTHORITY WHEN IT IS RECEIVING FINANCIAL
ASSISTANCE AS AUTHORIZED UNDER SUBSECTION (A) OF THIS SECTION.