ROBERT L. EHRLICH, JR., Governor                             Ch. 467

matters, establish and collect certain charges, and establish and pay certain
interest; authorizing certain lending institutions and other persons to take
certain actions concerning the corporation; establishing the conditions under
which the corporation may issue and redeem certain debt; providing that
neither the State nor any political subdivision other than the corporation shall
be obliged to pay a bond or interest of the corporation except from revenues
pledged on the bond; providing that neither the full faith and credit nor the
taxing power of the State or any political subdivision of the State is pledged to
the payment of the principal or interest of bonds of the corporation; authorizing
the Treasurer to advance certain funds to the corporation, to be repaid in a
certain manner; providing that the books and records of the corporation are
subject to audit; providing for certain exemptions from certain State laws for the
corporation; providing that the corporation and certain persons are subject to
certain laws; providing for certain funding for the corporation; providing that
the debts, claims, obligations, and liabilities of the corporation are of the
corporation only, and not of the State or any other unit, instrumentality, officer,
or employee of the State; defining certain terms; stating certain findings of the
General Assembly; requiring certain reports about the corporation to certain
persons on certain dates; making the provisions of this Act severable; stating the
intent that funding for the corporation must be provided within existing
resources of certain State agencies and that additional funding may not be
provided until certain conditions are met; and generally relating to Maryland
agricultural and resource-based industry development.

BY adding to

Article 41 - Governor - Executive and Administrative Departments

Section 13-501 through 13 516 13-515, inclusive, to be under the new subtitle

"Subtitle 5. Maryland Agricultural and Resource-Based Industry

Development Corporation"

Annotated Code of Maryland
(2003 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 41 - Governor - Executive and Administrative Departments

SUBTITLE 5. MARYLAND AGRICULTURAL AND RESOURCE-BASED INDUSTRY
DEVELOPMENT CORPORATION.

13-501.

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

(B)     "AGRICULTURAL LOAN" MEANS A LOAN MADE BY A LENDING INSTITUTION
TO ANY PERSON FOR THE PURPOSE OF FINANCING:

(1) LAND ACQUISITION OR IMPROVEMENT;

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