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PARRIS N. GLENDENING, Governor
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H.B. 972
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constitute an indebtedness to which the faith and credit of the State, the Department,
the Authority or any other public body is pledged.
[(g)] (F) Bonds issued by the Authority shall be exempt from taxation by the
State and by its several counties and municipalities as provided in the Maryland
Economic Development Revenue Bond Act.
[(h)] (G) Facilities financed with the proceeds of bonds issued by the Authority
are not subject to the requirements of any law regarding competitive bidding.
5-927.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "APPLICANT' MEANS THE ELIGIBLE BUSINESS APPLYING FOR THE
LOAN AND THE FIXED ASSET FINANCING ASSISTED BY A LINKED DEPOSIT.
(3) "ELIGIBLE BUSINESS" MEANS A FOR-PROFIT BUSINESS THAT:
(I) IS LOCATED IN A COUNTY THAT HAS AN UNEMPLOYMENT RATE
OF 130 PERCENT OF THE UNEMPLOYMENT RATE FOR THE STATE DURING THE MOST
RECENT 4 CONSECUTIVE QUARTERS FOR WHICH DATA ARE AVAILABLE AND HAS A
POPULATION UNDER 200,000;
(II) IS IN GOOD STANDING WITH EACH STATE REGULATORY
AUTHORITY WITH JURISDICTION OVER THE BUSINESS OF THE APPLICANT,
INCLUDING THE STATE WORKERS' COMPENSATION COMMISSION, THE DEPARTMENT
OF ASSESSMENTS AND TAXATION, AND THE DEPARTMENT OF LABOR, LICENSING
AND REGULATION; AND
(III) EMPLOYS 500 OR FEWER EMPLOYEES.
(4) (I) "FIXED ASSET FINANCING" MEANS THE USE OF A COMMERCIAL
LOAN TO FINANCE:
1. THE ACQUISITION OR CONSTRUCTION OF A BUILDING, IN
WHOLE OR IN PART;
2. THE ACQUISITION OF THE LAND UPON WHICH THE
BUILDING IS LOCATED OR IS TO BE LOCATED IF THE LAND IS NOT ALREADY OWNED
BY THE APPLICANT; OR
3. THE ACQUISITION OF MACHINERY AND EQUIPMENT.
(II) "FIXED ASSET FINANCING" DOES NOT INCLUDE THE
REFINANCING OF AN EXISTING DEBT.
(5) "LENDER" MEANS A FINANCIAL INSTITUTION THAT:
(I) IS ELIGIBLE TO MAKE COMMERCIAL LOANS;
(II) IS A PUBLIC DEPOSITORY OF STATE FUNDS;
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- 4673 -
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