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<section article="gec" article_name="Economic Development" number="12-103" title_number="12" title_name="Local Development Authorities and Resources" subtitle_number="1" subtitle_name="Economic Development Revenue Bond Act">
  <level label="a">
    <text>The General Assembly finds that:</text>
    <level label="1">
      <text>conditions of unemployment exist in many areas of the State;</text>
    </level>
    <level label="2">
      <text>the acquisition and improvement of facilities are essential to relieve this unemployment and to establish a balanced economy in the State;</text>
    </level>
    <level label="3">
      <text>the present and prospective health, happiness, safety, right of gainful employment, and general welfare of the residents of the State will be promoted by the acquisition and improvement of facilities;</text>
    </level>
    <level label="4">
      <text>the control or abatement of pollution of the environment of the State, including noise pollution, is necessary to:</text>
      <level label="i">
        <text>retain existing industry and commerce in and attract new industry and commerce to the State;</text>
      </level>
      <level label="ii">
        <text>protect the health, welfare, and safety of the residents of the State;</text>
      </level>
      <level label="iii">
        <text>protect the natural resources of the State; and</text>
      </level>
      <level label="iv">
        <text>encourage the economic development of the State; and</text>
      </level>
    </level>
    <level label="5">
      <level label="i">
        <text>the public ports of the State are assets of value to the entire State;</text>
      </level>
      <level label="ii">
        <text>the residents of the entire State benefit directly from the waterborne commerce that the public ports attract and service; and</text>
      </level>
      <level label="iii">
        <text>any improvement of public ports that increases their export and import commerce will benefit the residents of the entire State.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <text>The legislative purposes of this subtitle are to:</text>
    <level label="1">
      <text>relieve conditions of unemployment in the State;</text>
    </level>
    <level label="2">
      <text>encourage the increase of industry and commerce and a balanced economy in the State;</text>
    </level>
    <level label="3">
      <text>assist in the retention of existing industry and commerce in, and the attraction of new industry and commerce to, the State through, among other things, the development of ports, the control or abatement of environmental pollution, and the use and disposal of waste;</text>
    </level>
    <level label="4">
      <text>promote economic development;</text>
    </level>
    <level label="5">
      <text>protect natural resources and encourage resource recovery; and</text>
    </level>
    <level label="6">
      <text>promote the health, welfare, and safety of the residents of the State.</text>
    </level>
  </level>
</section>
