Maryland Code, NATURAL RESOURCES 3-926
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Terms Used In Maryland Code, NATURAL RESOURCES 3-926
- Bonds: means all bonds, bond anticipation notes, revenue anticipation notes, grant anticipation notes, or other evidences of indebtedness of the Authority, whether general or limited obligations of the Authority. See
- Cost: shall include the purchase price of any project or the cost of acquiring all or any portion of the right, title, or interest of a project and the amount to be paid to discharge all obligations necessary or desirable to vest title to the project or any part thereof in the Authority or other owner; the cost of any reconstruction, extension, enlargement, alteration, repair or improvement; the cost of all lands, properties, rights, easements, franchises, and permits; the cost of all labor, machinery, and equipment; financing charges; interest prior to and during construction and if, deemed desirable by the Authority, for a limited period after the completion of construction; reserves for principal and interest and for extensions, enlargements, additions and improvements; the cost of revenue estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, other expenses necessary or incident to determining the feasibility or practicability of any such acquisition, improvement, repair or construction; administrative expenses, and other expenses as necessary or incident to the financings herein authorized, and to the acquisition, operation, maintenance, improvement, construction of a project and the placing of the same in operation by the Authority, including reasonable provision for working capital. See
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means any natural person, corporation, firm, partnership, cooperative, or other entity. See
- project: includes (without limitation) land, buildings, structures, machinery, equipment, rail or motor vehicles, barges, boats, and all properties and rights therein and appurtenances thereof, rights-of-way, franchises, easements and other interests in land, all land and facilities which are functionally related and subordinate to the project and all patents, licenses and other rights necessary or useful in the construction or operation of a project. See
- Subdivision: means any county, municipal corporation, sanitary district, State or local agency, or other public body or agency created or established by or pursuant to State or local law, ordinance, or resolution. See
- Trustee: A person or institution holding and administering property in trust.
When the principal of and interest on bonds of the Authority issued to finance the cost of a particular project or projects for a subdivision or person, (including any refunding bonds issued to refund and refinance such bonds), have been fully paid and retired, or when adequate provision has been made to fully pay and retire the same, and all other conditions of the resolution or trust agreement authorizing and securing the same have been satisfied and the lien of such resolution or trust agreement has been released in accordance with the provisions thereof, the Authority, to the extent required by applicable agreements with any person or subdivision shall promptly do such things and execute such deeds, releases, and documents as are necessary and required:
(1) To convey title to such project or projects to such person or subdivision, free and clear of all liens and encumbrances, all to the extent that title to such project or projects shall not, at the time, then be vested in such person or subdivision; and
(2) To release securities held as collateral by a trustee or trustees pursuant to the trust agreement to such person or subdivision, which had, pursuant to the trust agreement, deposited and turned over such securities to a trustee or trustees in order to assure the full payment and retirement of said bonds, free and clear of all liens and encumbrances, all to the extent that title to such securities shall not, at the time, then be vested in such person or subdivision.