Maryland Code, ECONOMIC DEVELOPMENT 12-117
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 12-117
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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.