Title 11. Military Installation Support — Subtitle 4. Bainbridge Development Corporation

In this subtitle the following words have the meanings indicated.

“Board” means the Board of Directors of the Corporation.

“Corporation” means the Bainbridge Development Corporation.

“Cost” includes:

“County Commissioners” means the Board of County Commissioners of Cecil County.

“Finance” includes refinance.

“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.

“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.

There is a Bainbridge Development Corporation.

The Corporation is a body politic and corporate and is an instrumentality of the State.

The exercise by the Corporation of a power under this subtitle is the performance of an essential governmental function.

A Board of Directors shall manage the affairs of the Corporation and exercise all of the powers of the Corporation.

The Board consists of the following 15 members:

Five members of the Board are a quorum.

An affirmative vote of at least five members is needed for the Board to act.

The Executive Director, or the Executive Director’s designee, shall:

The Board shall approve additional professional and clerical staff as necessary to carry out this subtitle.

The Board may retain accountants, engineers, lawyers, financial advisors, or other consultants as necessary to carry out this subtitle.

Except as otherwise provided in this section, in exercising its corporate powers, the Corporation:

The officers and employees of the Corporation are subject to the Maryland Public Ethics Law.

The officers and employees of the Corporation are not subject to:

The Corporation is subject to the same State and local regulatory requirements as any private corporation.

A project of the Corporation is subject to the zoning and subdivision regulations of the political subdivision where the project is located.

The Corporation shall establish a system of financial accounting, controls, audits, and reports.

The fiscal year of the Corporation begins on July 1 and ends on the following June 30.

The Corporation may establish any accounts that it requires.

The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association in the State that has a total paid-in capital of at least $1,000,000.

The Corporation may designate the trust department of a State or national bank or of a savings and loan association as a depository to receive securities that the Corporation owns or acquires.

Unless an agreement limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a unit or political subdivision of the State.

adopt bylaws for the conduct of its business;

adopt a seal;

maintain an office at the Bainbridge Naval Training Center;

accept loans, grants, or assistance of any kind from the federal or State government, a local government, or a private source;

enter into contracts and other legal instruments;

sue and be sued in its own name;

acquire, purchase, hold, lease as lessee, and use any franchise, patent, or license and real, personal, mixed, tangible, or intangible property, or any interest in property, necessary or convenient to carry out its purposes;

sell, lease as lessor, transfer, and dispose of its property or interest in property;

fix and collect rates, rentals, fees, and charges for services and facilities it provides or makes available;

with the owner’s permission, enter land, waters, or premises to make a survey, sounding, boring, or examination to accomplish a purpose authorized by this subtitle;

exercise a power usually possessed by a private corporation in performing similar functions, unless to do so would conflict with State law; and

do all things necessary or convenient to carry out the powers expressly granted by this subtitle.

acquire, improve, develop, manage, market, lease as lessor or lessee, operate, and maintain any project at the Bainbridge Naval Training Center; and

acquire, either directly or by or through an agreement with the United States Navy, by purchase, gift, or devise, any property, rights, rights-of-way, franchises, easements, and other interests in land, including land lying under water and riparian rights located in or outside the State as necessary or convenient to improve or operate a project on terms and at prices that the Corporation considers reasonable.

borrow money to finance costs of a project or for any other corporate purpose of the Corporation;

secure the payment of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Corporation; and

combine projects for financing.

lend or otherwise make available its net revenue to finance costs of a project; and

enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan.

The Corporation may:

The rates or charges of the Corporation are not subject to supervision or regulation by any other unit of the State or by a political subdivision of the State.

Subject to any agreement, the Corporation may apply its revenues to any lawful purpose.

Except as necessary to pay an obligation or to implement programs of the Corporation, the net revenue of the Corporation may not benefit a person other than Cecil County.

Except as provided in subsection (b) of this section, the Corporation is exempt from any requirement to pay any taxes or assessments on its properties, activities, or any revenue from its properties or activities.

Property that the Corporation sells or leases to a private entity is subject to State and local property taxes from the time of the sale or lease.

The Board shall establish a Bainbridge Development Advisory Board.

The Advisory Board consists of:

The State may audit the books, records, and accounts of the Corporation.

On or before October 1 of each year, the Corporation shall submit a report to:

The report shall include a complete operating and financial statement covering the operations of the Corporation during the preceding fiscal year and a summary of the activities of the Corporation during the preceding fiscal year.