# Economic Development (GEC)

## Title 12. Local Development Authorities and Resources

### Subtitle 1. Economic Development Revenue Bond Act

#### Section 12-117

(a) This section applies to a lease or contract under which:

  (1) the State or a unit of the State will be an initial user or occupant of a facility financed by bonds issued under this subtitle; or

  (2) a facility financed by bonds issued under this subtitle will be built on property owned by the State.

(b) The State or a unit of the State may not enter into a lease or contract that is subject to this section and that forms a part of the security for bonds issued under this subtitle unless:

  (1) the Legislative Policy Committee has authorized the facility as being consistent with the capital budget; and

  (2) the Board of Public Works specifically has approved the bond issue for that facility.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)