Ch. 417

LAWS OF MARYLAND

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

(B)  "AREA" MEANS A GEOGRAPHIC AREA WITHIN A COUNTY OR
MUNICIPALITY DESCRIBED BY A CLOSED PERIMETER BOUNDARY.

(C)  "BUSINESS ' ENTITY" MEANS A PERSON OPERATING OR
CONDUCTING A TRADE OR BUSINESS.

(D) "CATASTROPHIC LOSS" MEANS LOSS OF OR DAMAGE TO PROPERTY
CAUSED BY NATURAL OR MANMADE DISASTERS INCLUDING FIRE, FLOOD,

WIND, OR OTHER SUCH OCCURRENCES.

(E) (D) "COUNTY" MEANS ANY OF THE 23 COUNTIES OF THIS STATE
AND THE MAYOR AND CITY COUNCIL OF BALTIMORE.

(F) (E) (1) "FINANCIAL ASSISTANCE" MEANS ANY FORM OF
ASSURANCE, GUARANTEE, PAYMENT, CREDIT ENHANCEMENT, OR OTHER
ASSISTANCE.

(2) "FINANCIAL ASSISTANCE" INCLUDES A LOAN, LOAN
GUARANTEE (INCLUDING INSURANCE AND COINSURANCE), REDUCTION IN
THE PRINCIPAL OBLIGATION OF OR RATE OF INTEREST PAYABLE ON A LOAN
OR PORTION OF A LOAN, PREPAYMENT OF INTEREST ON A LOAN OR PORTION
OF A LOAN, A LEASE, AND A LEASE GUARANTEE (INCLUDING INSURANCE
AND COINSURANCE).

(G) (F) "FUND" MEANS THE STATE ACTION LOANS FOR TARGETED
AREAS FUND.

(H) (G) "MUNICIPALITY" MEANS A MUNICIPAL CORPORATION
SUBJECT TO THE PROVISIONS OF ARTICLE XI-E OF THE STATE
CONSTITUTION.

(I) (H) "PROGRAM" MEANS THE STATE ACTION LOANS FOR TARGETED
AREAS PROGRAM.

(J) (I) "PROJECT" MEANS A RESIDENTIAL, COMMERCIAL,
INDUSTRIAL, OR MIXED-USE DEVELOPMENT WHICH QUALIFIES FOR
FINANCIAL ASSISTANCE UNDER THE PROGRAM.

(K) (J) "SPONSOR" MEANS ANY COUNTY, MUNICIPALITY, PERSON,
PARTNERSHIP, JOINT VENTURE, CORPORATION, NONPROFIT ORGANIZATION,
OR OTHER LEGAL ENTITY THAT RECEIVES IS ELIGIBLE TO RECEIVE
FINANCIAL ASSISTANCE UNDER THE PROGRAM.

(L) (K) "TARGETED AREA" MEANS A GEOGRAPHICALLY DEFINED AREA
OF ANY MUNICIPALITY OR COUNTY WHICH IS DESIGNATED BY THE
SECRETARY, AT THE REQUEST OF THE MUNICIPALITY OR COUNTY, TAKING
INTO CONSIDERATION THE FACTORS SET FORTH IN SECTION 4-506(A) OF
THIS SUBTITLE.

4-502.

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