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<section article="gec" article_name="Economic Development" number="10-501" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation">
  <level label="a">
    <text>In this subtitle the following words have the meanings indicated.</text>
  </level>
  <level label="b">
    <text>“Agricultural loan” means a loan made to a person by a lender to finance:</text>
    <level label="1">
      <text>land acquisition or improvement;</text>
    </level>
    <level label="2">
      <text>agricultural, aquacultural, equine, horticultural, or silvicultural production;</text>
    </level>
    <level label="3">
      <text>soil conservation;</text>
    </level>
    <level label="4">
      <text>pond construction;</text>
    </level>
    <level label="5">
      <text>irrigation;</text>
    </level>
    <level label="6">
      <text>water well drilling;</text>
    </level>
    <level label="7">
      <text>improvement of a structure or facility;</text>
    </level>
    <level label="8">
      <text>purchase of a farm fixture, livestock, or poultry;</text>
    </level>
    <level label="9">
      <text>fish, crustaceans, or mollusks of any kind;</text>
    </level>
    <level label="10">
      <text>seeds, plants, or trees;</text>
    </level>
    <level label="11">
      <text>fertilizer;</text>
    </level>
    <level label="12">
      <text>pesticide;</text>
    </level>
    <level label="13">
      <text>feed;</text>
    </level>
    <level label="14">
      <text>equipment; or</text>
    </level>
    <level label="15">
      <text>containers or supplies employed in the production, cultivation, harvesting, processing, storage, marketing, distribution, or export of an agricultural product.</text>
    </level>
  </level>
  <level label="c">
    <text>“Agriculture” means the commercial production, storage, processing, marketing, distribution, or export of an agronomic, aquacultural, equine, floricultural, horticultural, ornamental, silvicultural, or viticultural crop, including:</text>
    <level label="1">
      <text>a farm product;</text>
    </level>
    <level label="2">
      <text>livestock or a livestock product;</text>
    </level>
    <level label="3">
      <text>poultry or a poultry product;</text>
    </level>
    <level label="4">
      <text>milk or a dairy product;</text>
    </level>
    <level label="5">
      <text>timber or a forest product;</text>
    </level>
    <level label="6">
      <text>fruit or a horticultural product; and</text>
    </level>
    <level label="7">
      <text>seafood or an aquacultural product.</text>
    </level>
  </level>
  <level label="d">
    <text>“Board” means the Board of Directors of the Corporation.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>“Bond” means a bond of the Corporation issued under this subtitle.</text>
    </level>
    <level label="2">
      <text>“Bond” includes:</text>
      <level label="i">
        <text>a renewal note;</text>
      </level>
      <level label="ii">
        <text>a refunding bond;</text>
      </level>
      <level label="iii">
        <text>an interim certificate;</text>
      </level>
      <level label="iv">
        <text>a certificate of indebtedness;</text>
      </level>
      <level label="v">
        <text>a debenture;</text>
      </level>
      <level label="vi">
        <text>a warrant;</text>
      </level>
      <level label="vii">
        <text>commercial paper; and</text>
      </level>
      <level label="viii">
        <text>any other obligation.</text>
      </level>
    </level>
  </level>
  <level label="f">
    <text>“Corporation” means the Maryland Agricultural and Resource-Based Industry Development Corporation.</text>
  </level>
  <level label="g">
    <text>“Finance” includes refinance.</text>
  </level>
  <level label="h">
    <text>“Improve” means to add, alter, construct, equip, expand, extend, reconstruct, rehabilitate, remodel, or repair.</text>
  </level>
  <level label="i">
    <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, reconstruction, rehabilitation, remodeling, or repair.</text>
  </level>
  <level label="j">
    <level label="1">
      <text>“Lender” means a financial institution authorized to do business in the State or operating under the supervision of a federal unit.</text>
    </level>
    <level label="2">
      <text>“Lender” includes:</text>
      <level label="i">
        <text>a bank;</text>
      </level>
      <level label="ii">
        <text>a trust company;</text>
      </level>
      <level label="iii">
        <text>a federal land bank;</text>
      </level>
      <level label="iv">
        <text>a farm credit association;</text>
      </level>
      <level label="v">
        <text>a bank for cooperatives;</text>
      </level>
      <level label="vi">
        <text>insurance company;</text>
      </level>
      <level label="vii">
        <text>investment banker;</text>
      </level>
      <level label="viii">
        <text>mortgage banker or company;</text>
      </level>
      <level label="ix">
        <text>pension or retirement fund;</text>
      </level>
      <level label="x">
        <text>savings and loan association;</text>
      </level>
      <level label="xi">
        <text>small business investment company; or</text>
      </level>
      <level label="xii">
        <text>credit union.</text>
      </level>
    </level>
  </level>
  <level label="k">
    <level label="1">
      <text>“Person” has the meaning stated in § 9-101 of this article.</text>
    </level>
    <level label="2">
      <text>“Person” also includes a unit of a state or of the federal government.</text>
    </level>
  </level>
  <level label="l">
    <level label="1">
      <text>“Project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the purposes listed in § 10-502 of this subtitle, whether or not the property, or any interest in the property:</text>
      <level label="i">
        <text>is or will be used or operated for profit or not for profit;</text>
      </level>
      <level label="ii">
        <text>is or will be located on one or more sites; or</text>
      </level>
      <level label="iii">
        <text>may be financed by bonds, the interest on which is exempt from taxation under federal law.</text>
      </level>
    </level>
    <level label="2">
      <text>“Project” includes:</text>
      <level label="i">
        <text>property and rights related to the property, appurtenances, rights-of-way, franchises, easements, and other interests in property;</text>
      </level>
      <level label="ii">
        <text>structures, equipment, furnishings, rail or motor vehicles, barges, and boats;</text>
      </level>
      <level label="iii">
        <text>property that is functionally related and subordinate to a project; and</text>
      </level>
      <level label="iv">
        <text>patents, licenses, and other rights necessary or useful in the improvement or operation of a project.</text>
      </level>
    </level>
  </level>
  <level label="m">
    <level label="1">
      <text>“Revenue” means the income, revenue, and other money received by the Corporation from or in connection with a project and all other income of the Corporation.</text>
    </level>
    <level label="2">
      <text>“Revenue” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.</text>
    </level>
  </level>
</section>
