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PARRIS N. GLENDENING, Governor
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Ch. 305
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[5-937.] 5-925.
(a) The Authority may not charge any premium for insurance if the Authority
determines that, at the time of approval of insurance, the facility [, energy project,] or
business with respect to which insurance is provided by the Authority is located in a
county where the average unemployment rate is at least 1 percent greater than the
average unemployment rate for the United States, as determined in accordance with
this section.
(b) (1) Average unemployment rates for a county shall be those established
by the State Employment Security Administration or any other agency or
instrumentality responsible for establishing the rates.
(2) Average unemployment rates for the United States shall be those
established by the United States Department of Labor or any other agency or
department responsible for establishing the rates.
(c) The Authority shall:
(1) Annually review the unemployment rates; and
(2) Only consider annual unemployment rates established not more than
12 months before the date of the Authority's review.
[Part VI. Issuance of Bonds by Authority.]
[5-938.] 5-926.
(a) In order to accomplish the purposes of this subtitle, in addition to any
other powers it may have and notwithstanding any limitation of law, the Authority, on
behalf of the State, may issue and sell bonds as provided in and in accordance with
the Maryland Economic Development Revenue Bond Act AND THIS SUBTITLE.
(b) The Authority may accomplish the acquisition of 1 or more facilities from
the proceeds of the sale of its bonds by 1 or more of the methods described in the
Maryland Economic Development Revenue Bond Act.
(c) The Authority may issue its bonds without obtaining the consent of any
other unit of State government, and without any proceedings, or the occurrence of any
conditions, other than those expressly required by this subtitle. Prior to the issuance
of any bonds by the Authority, the Authority shall notify the State Board of Public
Works of its intention to issue the bonds up to a stated amount and the Board of
Public Works may coordinate the issuance of the bonds with any intended issuance of
bonds of the State, its agencies, and public instrumentalities; however, the failure to
notify the Board of Public Works shall not affect in any way:
(1) The validity or enforceability of any bonds issued by the Authority;
(2) The validity of any finding or determination by the Authority under
this subtitle; or
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- 1801 -
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