(II) ALL LANDS, PROPERTIES, RIGHTS, EASEMENTS, FRANCHISES,

AND PERMITS;

(III) ALL LABOR, MACHINERY, AND EQUIPMENT; AND

(IV) REVENUE ESTIMATES, ENGINEERING, AND LEGAL SERVICES,
PLANS, DESIGNS, SPECIFICATIONS, SURVEYS, INVESTIGATIONS, DEMONSTRATIONS,
STUDIES, ESTIMATES OF COST, AND OTHER EXPENSES NECESSARY OR INCIDENT TO
DETERMINING THE FEASIBILITY OR PRACTICABILITY OF ANY ACQUISITION,
IMPROVEMENT, REPAIR, OR CONSTRUCTION OF THE PROJECT;

(3) FINANCING CHARGES;

(4) INTEREST BEFORE AND DURING CONSTRUCTION AND, IF DEEMED
DESIRABLE BY THE CORPORATION, FOR A LIMITED PERIOD AFTER THE COMPLETION
OF CONSTRUCTION;

(5) RESERVES FOR PRINCIPAL AND INTEREST AND FOR, EXTENSIONS,
ENLARGEMENTS, ADDITIONS, AND IMPROVEMENTS;

(6) (I) ADMINISTRATIVE EXPENSES; AND

(II) OTHER EXPENSES NECESSARY OR INCIDENT TO:

1. PROJECT FINANCING;

2. THE ACQUISITION, OPERATION, MAINTENANCE,
IMPROVEMENT, CONSTRUCTION, AND MARKETING OF A PROJECT; AND

3. THE PLACING OF THE PROJECT IN OPERATION BY THE
CORPORATION OR OTHER OWNER, INCLUDING REASONABLE PROVISION FOR
WORKING CAPITAL.

(E) "MEDCO" MEANS THE MARYLAND ECONOMIC DEVELOPMENT
CORPORATION ESTABLISHED UNDER § 5-203 OF THIS ARTICLE.

(F) "PERSON" MEANS ANY NATURAL PERSON, CORPORATION, FIRM,
PARTNERSHIP, COOPERATIVE, POLITICAL SUBDIVISION, OR OTHER ENTITY.

(G) (1) "PROJECT" MEANS THE ESTABLISHMENT OF ECONOMIC ACTIVITY ON
THE PROPERTY THAT IS CURRENTLY THE BAINBRIDGE NAVAL TRAINING CENTER AT
PORT DEPOSIT, MARYLAND, TO BE CONVEYED TO THE CORPORATION, INCLUDING
THE HISTORIC TOME SCHOOL FOR BOYS.

(2) "PROJECT" INCLUDES:

(I) LAND, IMPROVEMENTS, INFRASTRUCTURE, MACHINERY,
EQUIPMENT, FURNISHINGS, AND ALL REAL OR PERSONAL PROPERTIES AND RIGHTS
THEREIN AND APPURTENANCES, RIGHTS-OF-WAY, FRANCHISES, EASEMENTS, AND
OTHER INTERESTS IN LAND, ALL LAND AND FACILITIES WHICH ARE FUNCTIONALLY
RELATED AND SUBORDINATE TO THE PROJECT AND ALL PATENTS, LICENSES, AND
OTHER RIGHTS NECESSARY OR USEFUL IN THE CONSTRUCTION OR OPERATION OF A
PROJECT; AND