Code of Maryland Regulations
Title 14 - INDEPENDENT AGENCIES
Subtitle 29 - MARYLAND HERITAGE AREAS AUTHORITY
Chapter 14.29.04 - Maryland Heritage Areas Loan Program
Section 14.29.04.02 - Definitions

Universal Citation: MD Code Reg 14.29.04.02

Current through Register Vol. 51, No. 19, September 20, 2024

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Act" means Financial Institutions Article, §§13-1101-13 -1124, Annotated Code of Maryland.

(2) "Authority" means the Maryland Heritage Areas Authority established by the Act.

(3) "Borrower" means the recipient of a loan.

(4) "Business entity" means a corporation, limited liability company, association, partnership, joint venture, or other legally organized entity.

(5) "Capital project" means a project to acquire, develop, preserve, rehabilitate, or restore either real property or tangible personal property that has a useful life of at least 15 years.

(6) "Certified heritage area" means a recognized heritage area that has been designated a certified heritage area in accordance with the Act and COMAR 14.29.02.

(7) "Fund" means the Maryland Heritage Areas Authority Financing Fund established by the Act.

(8) "Heritage area" means a contiguous or noncontiguous developed geographic area of public and private uses that:
(a) Can range in size from as small as a portion of a county or municipal corporation to as large as a regional area;

(b) Has a coherent and cohesive special character;

(c) Is distinguished by a concentration of natural, recreational, cultural, and historic resources of Statewide significance that have played a vital role in the historic life and development of the area and contribute to the public through interpretive, educational, and recreational uses; and

(d) May include traditional parks and historic places or property.

(9) "Heritage area management entity" means a nonprofit organization or agency of either State or local government that is or will be responsible for coordinating development of a management plan for a recognized heritage area or is responsible for implementing the management plan for a certified heritage area.

(10) "Local jurisdiction" means any of the 23 counties of the State, the City of Baltimore, any municipal corporation in the State that is subject to the provisions of Article XI-E of the Maryland Constitution, or any of their duly authorized agencies or instrumentalities.

(11) "Loan " means a loan made from the Fund.

(12) "Loan documents" means the promissory note, loan agreement, security instruments and other documents between a borrower and the Authority which evidence the terms and conditions of a loan.

(13) "Loan Program" means the Maryland Heritage Areas Loan Program of the Authority established by this chapter as authorized under the Act.

(14) "Management plan" means a document prepared and approved in accordance with the Act and COMAR 14.29.02, that includes a comprehensive strategy expressed in words, maps, illustrations, or other media for planning, implementing, and achieving the goals and objectives for the heritage area.

(15) "Nonprofit organization" means a corporation, foundation, governmental entity, or other legal entity, no part of the net earnings of which inure to the benefit of a private shareholder or individual holding an interest in the entity.

(16) "Trust" means the Maryland Historical Trust established under State Finance and Procurement Article, § 5A-310, Annotated Code of Maryland.

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