Ch. 632

LAWS OF MARYLAND

                                                                                                                                                                                                                                                                                                                                                     «

the provisions of this subheading applicable to a community

development project.

[(h-1)] (K) "Infrastructure project" means any undertaking,
project, or facility that is planned, acquired, owned, developed,
constructed, reconstructed, rehabilitated, or improved by or on
behalf of a county or municipality in order to provide the
essential physical elements that constitute the basis of the
public service system. Infrastructure projects include, but are
not limited to, streets, sidewalks, curbs, sewer and water
systems, bridges, and public buildings that are owned by a county
or municipality or any of their agencies or. instrumentalities.
Infrastructure projects may not include any facilities with
respect to which local obligations financing such facilities
would be private activity bonds within the meaning of [§ 103(n)]
§ 141 of the [Internal Revenue] Code [of 1954], as amended, FOR
WHICH AN ALLOCATION UNDER § 146 OF THE CODE WOULD BE REQUIRED[,
obligations described in Section 103(b)(4)(A) of that Code, or
housing program obligations under Section 11(b) of the United
States Housing Act of 1937].

[(i)] (L) "Limited dividend corporation" means a
corporation which qualifies as a limited dividend corporation
under the moderate-income rental-programs in effect from time to
time under the National Housing Act and which is operated
exclusively in furtherance of a community development project.

[(j)] (M) "Local development corporation" means any
corporation or foundation no part of the net earnings of which
inures to the benefit of any private shareholder or individual,
organized and operated primarily for the purposes of fostering,
encouraging, and assisting community development within the
State.

[(k)] (N) "Local development agency" means any board,

commission, agency, department or authority of any municipality

or county designated by their chief executive officer of such

municipality or county for the purpose of carrying out community

development under this subheading.                   

[(k-1)] (O) "Local obligation" means any bond, note, or
other obligation of any county or municipality or any of their
agencies or instrumentalities.

[(1)] (P) "Mortgage lender" means a bank, trust company,
savings institution, savings and loan association, national bank
association, mortgage banker, or other financial institution that
maintains an office in this State and engages in making or
originating residential mortgage loans, any insurance company
that is authorized to transact business in this State, and the
Maryland Home Financing Program.

- 2926 -