Maryland Code, ECONOMIC DEVELOPMENT 10-130
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-130
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(b) There is a Dorchester County Economic Development Fund in the Corporation.
(c) (1) The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
(2) The Corporation shall manage and administer the Fund on terms and conditions acceptable to the Corporation and the Department.
(3) The Comptroller shall account and collect for the Fund and disburse the revenues to the trustee maintaining the Fund for the Corporation.
(4) Any investment earnings of the Fund shall be paid into the Fund.
(d) The Fund consists of revenues from the hotel surcharge imposed under § 11-102(b) of the Tax – General Article.
(e) (1) The Fund shall be used to:
(i) complete the Corporation project commonly known as the Chesapeake Bay Conference Center; and
(ii) satisfy the full and final settlement of pending construction claims related to the project and any bonds issued in connection with those claims.
(2) The Fund may be pledged by the Corporation to pay bonds issued to satisfy the full and final settlement of pending construction claims on the project.