Md. Code, Economic Development, Title 11

Md. Code, Economic Development, Title 11
in effect

Md. Code, Economic Development § 11-203

(a) The Council consists of the following members: (1) three members selected by the President of the Senate of Maryland to represent community interests, of which: (i) one shall be a member of the Senate; and (ii) two shall be citizens representing communities adjacent to military installations; (2) three members selected by the Speaker of the House of Delegates to represent community interests, of which: (i) one shall be a member of the House of Delegates; and (ii) two shall be citizens representing communities adjacent to military installations; (3) the Secretary, or the designee of the Secretary; (4) the Secretary of Transportation, or the designee of the Secretary of Transportation; (5) the Secretary of the Environment, or the designee of the Secretary of the Environment; (6) the Secretary of Planning, or the designee of the Secretary of Planning; (7) the Secretary of Veterans and Military Families, or the designee of the Secretary of Veterans and Military Families; (8) the Secretary of Labor, or the designee of the Secretary of Labor; (9) the State Superintendent of Schools, or the designee of the State Superintendent; (10) the Adjutant General of the Maryland National Guard, or the designee of the Adjutant General; (11) the President of the Southern Maryland Navy Alliance; (12) the President of the Army Alliance; (13) the President of the Military Alliance Council of Charles County; (14) the President of the Maritime Technology Alliance; (15) the President of the Fort Detrick Alliance; (16) the President of the Fort Meade Alliance; (17) the President of the Andrews Business and Community Alliance; and (18) six members selected by the Governor, of which at least one is a spouse of a service member. (b) (1) The President of the Senate and the Speaker of the House of Delegates shall each appoint three members representing community interests to serve as members of the Council. (2) The chair may appoint: (i) additional members who are presidents of other military base advocacy groups that are nonprofit organizations and recognized by the Department; and (ii) ex officio members as necessary to address specific issues, including a representative of the Maryland National Guard. (c) (1) The term of an appointed member is 4 years. (2) The terms of the appointed members are staggered as required by the terms provided for appointed members of the Council on July 1, 2010. (d) A member of the Council: (1) may not receive compensation as a member of the Council; but (2) is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

Md. Code, Economic Development § 11-206

The Council shall make reasonable efforts to: (1) identify the public infrastructure and other community support necessary to improve the mission efficiencies and for the development and expansion of existing military installations in the State; (2) identify the existing and potential impacts of encroachment on military installations in the State; (3) identify potential State and community actions that may minimize the impacts of encroachment and enhance the long–term potential of military installations; (4) identify opportunities for collaboration among military contractors, local governments, the State, academic institutions, and military departments to enhance the economic potential of military installations and the economic benefits of military installations to the State; (5) review State policies, including funding and legislation, to identify actions necessary to provide State and local government support to the mission of each military installation in the State; and (6) research how other jurisdictions have addressed the issues regarding encroachment and partnership formation, with an emphasis on the most recent edition of the joint publication of the National Governors Association Center for Best Practices and the United States Department of Defense entitled “Practical Guide to Compatible Civilian Development Near Military Installations”.

Md. Code, Economic Development § 11-207

On or before December 31 of each year, the Council shall report its findings and recommendations to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.

Md. Code, Economic Development § 11-301

(a) In this subtitle the following words have the meanings indicated. (b) (1) “Authority” means a corporation incorporated in accordance with this subtitle to act as a local redevelopment authority in accordance with criteria set by the United States Department of Defense or its military services under the federal Defense Base Closure and Realignment Act of 1990. (2) “Authority” does not include: (i) Bainbridge Development Corporation; or (ii) Holabird Working Group/Baltimore Development Corporation (BDC). (c) “Board” means the Board of Directors of an authority. (d) (1) “Bond” means a bond or note issued on behalf of an authority under this subtitle. (2) “Bond” includes: (i) a bond anticipation note; (ii) a revenue anticipation note; (iii) a grant anticipation note; (iv) a refunding bond; (v) a note in the nature of commercial paper; and (vi) any other evidence of indebtedness issued on behalf of the authority, whether a general or limited obligation of the authority. (e) “Cost” includes: (1) the purchase price of a project; (2) the cost to acquire any right, title, or interest in a project; (3) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of a project in the authority or other owner; (4) the cost of any improvement; (5) the cost of any property, right, easement, franchise, and permit; (6) the cost of labor and equipment; (7) financing charges; (8) interest before and during construction and, if the authority determines, for a limited period after the completion of construction; (9) reserves for principal and interest and for improvements; (10) the cost of revenue estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement; (11) administrative expenses; and (12) other expenses necessary or incident to: (i) financing a project; (ii) acquiring and improving a project; (iii) placing a project in operation, including reasonable provision for working capital; and (iv) operating and maintaining a project. (f) “Finance” includes refinance. (g) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair. (h) “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair. (i) (1) “Person” has the meaning stated in § 9-101 of this article. (2) “Person” also includes a political subdivision. (j) (1) “Project” means an undertaking to establish economic activity under this subtitle on property to be conveyed to an authority by the United States Department of Defense or a military service, whether or not a facility or property used or useful in connection with the undertaking: (i) is or will be used for profit or not for profit; (ii) is located on a single site or multiple sites; or (iii) may be financed by bonds, the interest on which is exempt from taxation under federal law. (2) “Project” includes: (i) property and rights related to the property, appurtenances, rights-of-way, franchises, and easements; (ii) structures, equipment, and furnishings; (iii) property that is functionally related and subordinate to the project; and (iv) patents, licenses, and other rights necessary or useful in the improvement or operation of a project. (k) (1) “Revenues” means the income, revenue, and other money an authority receives from or in connection with a project. (2) “Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.

Md. Code, Economic Development § 11-302

(a) The General Assembly finds that: (1) the economy of the State and its local governments will be greatly impacted by the closure or realignment of any military installation through any base realignment or closing action; (2) although a closure or realignment will result in economic contraction and dislocation, it also affords opportunities to expand productive employment and expand the State’s economy and tax base; (3) for this reason, the General Assembly enacted the Maryland Military Installation Strategic Planning Council Act; and (4) the establishment of State–chartered public corporations to develop military installations slated for closure or realignment in the State would: (i) serve the public interest; (ii) complement existing State marketing programs administered by the Department through: 1. its Division of Business Development; and 2. financial assistance programs such as those of the Maryland Economic Development Assistance Authority and Fund and the Maryland Industrial Development Financing Authority; and (iii) serve as an additional means to achieve the mission of the Maryland Military Installation Council. (b) The General Assembly intends that: (1) an authority structure its projects to accelerate the transfer of facilities and sites from the federal government into productive reuse of the facilities and sites to maximize economic opportunities for the residents of the State; and (2) this subtitle be a template for the structure, authorization, and operation of each authority accepted by the Office of Economic Adjustment of the United States Department of Defense to perform the tasks required when land is transferred from the federal government to an authority in accordance with the federal Defense Base Closure and Realignment Act of 1990.

Md. Code, Economic Development § 11-304

(a) The Secretary shall execute and file proposed articles of incorporation of an authority with the State Department of Assessments and Taxation. (b) The proposed articles of incorporation shall state: (1) the name of the authority; (2) that the authority is formed under this subtitle; (3) the names, addresses, and terms of office of the first members of the Board of the authority; (4) the location of the principal office of the authority; (5) the purposes for which the authority is formed; and (6) the powers of the authority, subject to the restrictions or limitations on the powers of the authority under this subtitle. (c) Acceptance of the articles for record by the State Department of Assessments and Taxation is conclusive evidence of the formation of the authority. (d) (1) The Board may amend the articles of incorporation. (2) Any amendment to the articles of incorporation shall be filed with the State Department of Assessments and Taxation.

Md. Code, Economic Development § 11-305

(a) An authority is a body politic and corporate and is an instrumentality of the State once the State Department of Assessments and Taxation accepts the articles of incorporation for record. (b) The exercise by an authority of a power under this subtitle is the performance of an essential governmental function.

Md. Code, Economic Development § 11-306

(a) A Board of Directors shall manage the affairs of the authority and exercise all of the powers of the authority. (b) The Board consists of the following members: (1) as ex officio members: (i) the Secretary, or the designee of the Secretary; (ii) the Secretary of General Services, or the designee of the Secretary of General Services; (iii) the Secretary of Planning, or the designee of the Secretary of Planning; and (iv) the president of the military alliance of each county in which the facility is located; (2) (i) if the facility is located in one county, the executive director, or equivalent officer, of the county economic development unit and two other members appointed by the governing body of the county in which the facility is located; or (ii) if the facility is located in more than one county, the executive director, or equivalent officer, of the economic development unit of each county and one other member appointed by the governing body of each county; and (3) as nonvoting, ex officio members: (i) the Executive Director of the Maryland Economic Development Corporation; (ii) the Executive Director of the authority; and (iii) the Director of Transitional Services of the Maryland Department of Human Services. (c) (1) The term of a member of the Board appointed under subsection (b)(2) of this section is 4 years. (2) The terms of appointed members shall be staggered. (3) At the end of a term, a member continues to serve until a successor is appointed. (4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.

Md. Code, Economic Development § 11-309

(a) (1) The Board shall establish a finance committee. (2) The treasurer of the Board chairs the finance committee and oversees the finances of the authority. (b) (1) The Board may establish other committees as appropriate. (2) The membership of a committee may include individuals who are not Board members.

Md. Code, Economic Development § 11-310

(a) (1) The Board shall appoint the Executive Director of the authority. (2) The Executive Director serves at the pleasure of the Board. (3) The Board shall determine the salary of the Executive Director. (b) (1) The Executive Director is the chief operating officer of the authority. (2) The Executive Director shall manage the administrative affairs and technical activities of the authority in accordance with policies and procedures that the Board establishes. (c) The Executive Director shall: (1) attend all meetings of the Board; (2) act as secretary to the Board; (3) keep minutes of the proceedings of the Board; (4) approve salaries, per diem payments, allowable expenses of the authority and its employees or consultants, and any expenses incidental to the operation of the authority; and (5) perform the other duties that the Board directs in carrying out this subtitle.

Md. Code, Economic Development § 11-311

(a) The Board shall approve additional professional and clerical staff as necessary to carry out this subtitle. (b) The Board may retain accountants, engineers, lawyers, financial advisors, or other consultants as necessary to carry out this subtitle.

Md. Code, Economic Development § 11-312

(a) Except as otherwise provided in this section, in exercising its corporate powers, the authority: (1) may carry out its corporate purposes without obtaining the consent of any State unit; and (2) is not subject to the following provisions of the State Finance and Procurement Article: (i) Title 2, Subtitles 2 (Gifts and Grants), 4 (Facsimile Signatures and Seals), and 5 (Facilities for Handicapped); (ii) Title 3 (Budget and Management); (iii) Title 4 (Department of General Services); (iv) Title 6, Subtitle 1 (Studies and Estimates); (v) Title 7, Subtitles 1 (State Operating Budget), 2 (Disbursements and Expenditures), and 3 (Unspent Balances); (vi) Title 8, Subtitle 1 (General Obligation Debt); (vii) Title 10 (Board of Public Works – Miscellaneous Provisions); and (viii) Division II (General Procurement Law). (b) (1) The authority and its committees are subject to the Open Meetings Act. (2) The authority is subject to the Public Information Act. (c) The officers and employees of the authority are subject to the Maryland Public Ethics Law. (d) The officers and employees of the authority are not subject to: (1) Division II of the State Personnel and Pensions Article; or (2) the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System. (e) The authority is subject to the same State and local regulations and regulatory requirements as any private corporation. (f) A project of the authority is subject to the zoning and subdivision regulations of the political subdivision where the project is located.

Md. Code, Economic Development § 11-313

(a) The authority shall establish a system of financial accounting, controls, audits, and reports. (b) The fiscal year of the authority begins on July 1 and ends on the following June 30.

Md. Code, Economic Development § 11-314

(a) The authority may establish any accounts that it requires. (b) The authority 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. (c) The authority 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 authority owns or acquires. (d) Unless an agreement limits classes of investments, the authority may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, a unit of the United States, the State, or a political subdivision of the State.

Md. Code, Economic Development § 11-315

The authority may: (1) adopt bylaws for the conduct of its business; (2) adopt a seal; (3) maintain offices in the State; (4) accept loans, grants, or assistance of any kind from the federal or State government, a local government, or a private source; (5) enter into contracts and other legal instruments; (6) sue and be sued in its own name; (7) 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; (8) sell, lease as lessor, transfer, and dispose of its property or interest in property; (9) fix and collect rates, rentals, fees, and charges for services and facilities the authority provides or makes available; (10) 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; (11) exercise a power usually possessed by a private corporation in performing similar functions, unless to do so would conflict with State law or unless the action or decision of the authority would impose liability on the State or any county; and (12) do all things necessary or convenient to carry out the powers expressly granted by this subtitle.

Md. Code, Economic Development § 11-316

The authority may: (1) acquire, improve, develop, manage, market, lease as lessor or lessee, operate, and maintain a project; and (2) acquire, either directly or by or through an agreement with the United States Department of Defense or a military service, by purchase or otherwise, 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 authority considers to be reasonable.

Md. Code, Economic Development § 11-317

The authority may: (1) borrow money to finance costs of a project or for any other corporate purpose of the authority; (2) mortgage or otherwise encumber its property or revenues for the loan; and (3) combine projects for financing.

Md. Code, Economic Development § 11-318

To carry out this subtitle, the Maryland Economic Development Corporation may issue bonds from time to time on behalf of the authority to finance costs of a project.

Md. Code, Economic Development § 11-320

(a) The authority may: (1) lend or otherwise make available its net revenue to finance costs of a project; and (2) enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan. (b) A lease of property of the authority may require or authorize the lessee or another person, on conveyance of the property to the authority, to purchase or otherwise acquire the property for consideration that the authority establishes.

Md. Code, Economic Development § 11-321

(a) The authority may: (1) fix and collect rates or charges for its services; (2) establish the terms and conditions for the services; and (3) contract with a person for the provision of the services of the authority. (b) The rates or charges of the authority are not subject to supervision or regulation by any other unit of the State or by a political subdivision of the State. (c) Subject to any agreement, the authority may apply its revenues to any lawful purpose. (d) Except as necessary to pay an obligation or to implement programs of the authority, the net revenue of the authority may not benefit a person other than the county or counties in which the facility is located.

Md. Code, Economic Development § 11-322

(a) Except as provided in subsection (b) of this section, the authority is exempt from any requirement to pay any taxes or assessments on its properties, activities, or any revenue from its properties or activities. (b) Property that the authority sells or leases to a private entity is subject to State and local property taxes from the time of the sale or lease.

Md. Code, Economic Development § 11-323

(a) (1) As soon as practical after the close of the fiscal year, an independent certified public accountant shall audit the financial books, records, and accounts of the authority. (2) The finance committee of the authority shall select an accountant to conduct the audit who: (i) is licensed to practice accountancy in the State; (ii) is experienced and qualified in the accounting and auditing of public bodies; and (iii) does not have a direct or indirect interest in the fiscal affairs of the authority. (3) (i) Except as provided in subparagraph (ii) of this paragraph, the accountant shall report the results of the audit, including the accountant’s unqualified opinion on the presentation of the financial position and the results of the financial operations of the authority. (ii) If the accountant cannot express an unqualified opinion, the accountant shall explain in detail the reasons for the qualifications, disclaimers, or opinions, including recommendations of changes that could make future unqualified opinions possible. (b) The State may audit the books, records, and accounts of the authority.

Md. Code, Economic Development § 11-324

(a) On or before October 1 of each year, the authority shall submit a report to: (1) the Governor; (2) the governing body of each county in which the facility is located; (3) the Department; and (4) in accordance with § 2-1257 of the State Government Article, the General Assembly. (b) The report shall include a complete operating and financial statement and a summary of the activities of the authority during the preceding fiscal year.

Md. Code, Economic Development § 11-401

(a) In this subtitle the following words have the meanings indicated. (b) “Board” means the Board of Directors of the Corporation. (c) (1) “Bond” means a bond or note issued on behalf of the Corporation. (2) “Bond” includes: (i) a bond anticipation note; (ii) a revenue anticipation note; (iii) a grant anticipation note; (iv) a refunding bond; (v) a note in the nature of commercial paper; and (vi) any other evidence of indebtedness issued on behalf of the Corporation, whether a general or limited obligation of the Corporation. (d) “Corporation” means the Bainbridge Development Corporation. (e) “Cost” includes: (1) the purchase price of a project; (2) the cost to acquire any right, title, or interest in a project; (3) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of a project in the Corporation or other owner; (4) the cost of any improvement; (5) the cost of any property, right, easement, franchise, and permit; (6) the cost of labor and equipment; (7) financing charges; (8) interest before and during construction and, if the Corporation determines, for a limited period after the completion of construction; (9) reserves for principal and interest and for improvements; (10) the cost of revenue estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement of a project; (11) administrative expenses; and (12) other expenses necessary or incident to: (i) financing a project; (ii) acquiring, improving, and marketing a project; (iii) placing a project in operation, including reasonable provision for working capital; and (iv) operating and maintaining a project. (f) “County Commissioners” means the Board of County Commissioners of Cecil County. (g) “Finance” includes refinance. (h) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair. (i) “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair. (j) (1) “Person” has the meaning stated in § 9-101 of this article. (2) “Person” also includes a political subdivision. (k) (1) “Project” means an undertaking to establish economic activity on property conveyed to the Corporation known as the Bainbridge Naval Training Center, including the historic Tome School for Boys, at Port Deposit, Maryland, whether or not a facility or property used or useful in connection with the undertaking may be financed by bonds, the interest on which is exempt from taxation under federal law. (2) “Project” includes: (i) property and rights related to the property, appurtenances, rights-of-way, franchises, and easements; (ii) infrastructure, equipment, and furnishings; (iii) property that is functionally related and subordinate to a project; and (iv) patents, licenses, and other rights necessary or useful in the construction or operation of a project. (l) (1) “Revenues” means: (i) the income, revenue, and other money the Corporation receives from or in connection with a project; and (ii) all other income of the Corporation. (2) “Revenues” includes grants, rentals, rates, fees, and charges for the use of services furnished or available.

Md. Code, Economic Development § 11-402

(a) There is a Bainbridge Development Corporation. (b) The Corporation is a body politic and corporate and is an instrumentality of the State. (c) The exercise by the Corporation of a power under this subtitle is the performance of an essential governmental function.

Md. Code, Economic Development § 11-403

(a) A Board of Directors shall manage the affairs of the Corporation and exercise all of the powers of the Corporation. (b) The Board consists of the following 15 members: (1) eight members appointed by the County Commissioners as follows: (i) two members recommended by the Mayor and Town Council of Port Deposit; (ii) two members recommended by the State legislative delegation of Cecil County; and (iii) four members at large; (2) the Director of the Cecil County Department of Economic Development; and (3) six nonvoting ex officio members as follows: (i) the Secretary, or the designee of the Secretary; (ii) the Secretary of General Services, or the designee of the Secretary of General Services; (iii) the Executive Director of the Maryland Economic Development Corporation; (iv) the Director of the Maryland Historical Trust; (v) the President of the County Commissioners; and (vi) the Mayor of Port Deposit. (c) (1) The term of a member of the Board appointed under subsection (b)(1) of this section is 4 years. (2) The terms of appointed members are staggered as required by the terms provided for members of the Board on October 1, 2008. (3) At the end of a term, a member continues to serve until a successor is appointed. (4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.

Md. Code, Economic Development § 11-406

(a) (1) Subject to the approval of the County Commissioners, the Board shall appoint an Executive Director. (2) The Executive Director serves at the pleasure of the Board. (3) The Board shall determine the salary of the Executive Director. (b) (1) The Executive Director is the chief administrative officer of the Corporation. (2) The Executive Director shall manage the administrative affairs and technical activities of the Corporation in accordance with policies and procedures that the Board establishes. (c) The Executive Director, or the Executive Director’s designee, shall: (1) attend all meetings of the Board; (2) act as secretary to the Board; (3) keep minutes of the proceedings of the Board; (4) approve salaries, per diem payments, allowable expenses of the Corporation and its employees or consultants, and any expenses incidental to the operation of the Corporation; and (5) perform the other duties that the Board directs in carrying out this subtitle.

Md. Code, Economic Development § 11-407

(a) The Board shall approve additional professional and clerical staff as necessary to carry out this subtitle. (b) The Board may retain accountants, engineers, lawyers, financial advisors, or other consultants as necessary to carry out this subtitle.

Md. Code, Economic Development § 11-408

(a) Except as otherwise provided in this section, in exercising its corporate powers, the Corporation: (1) may carry out its corporate purposes without obtaining the consent of any other State unit; and (2) is not subject to: (i) Title 11 of the State Government Article (Consolidated Procedures for Development Permits); and (ii) the following provisions of the State Finance and Procurement Article: 1. Title 2, Subtitles 2 (Gifts and Grants), 4 (Facsimile Signatures and Seals), and 5 (Facilities for Handicapped); 2. Title 3 (Budget and Management); 3. Title 4 (Department of General Services); 4. § 5A–304 (Maryland Historical Trust Property Acquisition); 5. Title 6, Subtitle 1 (Revenues: Studies and Estimates); 6. Title 7, Subtitles 1 (State Operating Budget), 2 (Disbursements and Expenditures), and 3 (Unspent Balances); 7. Title 8, Subtitle 1 (General Obligation Debt); 8. Title 10 (Board of Public Works – Miscellaneous Provisions); and 9. Division II (General Procurement Law). (b) (1) The Corporation is subject to: (i) the Public Information Act; and (ii) the Open Meetings Act. (2) For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted. (c) The officers and employees of the Corporation are subject to the Maryland Public Ethics Law. (d) The officers and employees of the Corporation are not subject to: (1) Division II of the State Personnel and Pensions Article; or (2) the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System. (e) The Corporation is subject to the same State and local regulatory requirements as any private corporation. (f) A project of the Corporation is subject to the zoning and subdivision regulations of the political subdivision where the project is located.

Md. Code, Economic Development § 11-409

(a) The Corporation shall establish a system of financial accounting, controls, audits, and reports. (b) The fiscal year of the Corporation begins on July 1 and ends on the following June 30.

Md. Code, Economic Development § 11-410

(a) The Corporation may establish any accounts that it requires. (b) 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. (c) 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. (d) 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.

Md. Code, Economic Development § 11-411

The Corporation may: (1) adopt bylaws for the conduct of its business; (2) adopt a seal; (3) maintain an office at the Bainbridge Naval Training Center; (4) accept loans, grants, or assistance of any kind from the federal or State government, a local government, or a private source; (5) enter into contracts and other legal instruments; (6) sue and be sued in its own name; (7) 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; (8) sell, lease as lessor, transfer, and dispose of its property or interest in property; (9) fix and collect rates, rentals, fees, and charges for services and facilities it provides or makes available; (10) 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; (11) exercise a power usually possessed by a private corporation in performing similar functions, unless to do so would conflict with State law; and (12) do all things necessary or convenient to carry out the powers expressly granted by this subtitle.

Md. Code, Economic Development § 11-412

The Corporation may: (1) acquire, improve, develop, manage, market, lease as lessor or lessee, operate, and maintain any project at the Bainbridge Naval Training Center; and (2) 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.

Md. Code, Economic Development § 11-413

The Corporation may: (1) borrow money to finance costs of a project or for any other corporate purpose of the Corporation; (2) secure the payment of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Corporation; and (3) combine projects for financing.

Md. Code, Economic Development § 11-414

To carry out this subtitle, the Maryland Economic Development Corporation may issue bonds from time to time on behalf of the Bainbridge Development Corporation to finance costs of a project.

Md. Code, Economic Development § 11-416

The Corporation may: (1) lend or otherwise make available its net revenue to finance costs of a project; and (2) enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan.

Md. Code, Economic Development § 11-417

(a) The Corporation may: (1) fix and collect rates or charges for its services; (2) establish the terms and conditions for the services; and (3) contract with a person for the provision of the services of the Corporation. (b) 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. (c) Subject to any agreement, the Corporation may apply its revenues to any lawful purpose. (d) 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.

Md. Code, Economic Development § 11-418

(a) 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. (b) 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.

Md. Code, Economic Development § 11-419

(a) The Board shall establish a Bainbridge Development Advisory Board. (b) The Advisory Board consists of: (1) a representative of the County Commissioners; (2) the State legislative delegation of Cecil County; (3) a representative of the Mayor of Port Deposit; (4) a representative of the Town Council of Port Deposit; (5) the President of Cecil Community College; (6) the Superintendent of the Cecil County Public Schools; (7) the Coordinator of the Lower Susquehanna Heritage Greenway; and (8) other individuals the Board of Directors selects.

Md. Code, Economic Development § 11-420

(a) (1) As soon as practical after the close of the fiscal year, an independent certified public accountant shall audit the financial books, records, and accounts of the Corporation. (2) The Corporation shall select an accountant to conduct the audit who: (i) is licensed to practice accountancy in the State; (ii) is experienced and qualified in the accounting and auditing of public bodies; and (iii) does not have a direct or indirect personal interest in the fiscal affairs of the Corporation. (3) (i) Except as provided in subparagraph (ii) of this paragraph, the accountant shall report the results of the audit, including the accountant’s unqualified opinion on the presentation of the financial position and the results of the financial operations of the Corporation. (ii) If the accountant cannot express an unqualified opinion, the accountant shall explain in detail the reasons for the qualifications, disclaimers, or opinions, including recommendations of changes that could make future unqualified opinions possible. (b) The State may audit the books, records, and accounts of the Corporation.

Md. Code, Economic Development § 11-421

(a) On or before October 1 of each year, the Corporation shall submit a report to: (1) the Governor; (2) the County Commissioners; (3) the Department; and (4) in accordance with § 2-1257 of the State Government Article, the General Assembly. (b) 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatutesFetched: 10/16/2026

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