Maryland Statutes
Part II - Maryland Industrial Development Financing Authority
Section 5-413 - Powers and Duties

(a)    The Authority may:
        (1)    adopt bylaws for the conduct of its business;
        (2)    adopt a seal;
        (3)    maintain offices in the State;
        (4)    sue and be sued in its own name;
        (5)    retain consultants;
        (6)    use the services of other governmental agencies;
        (7)    in accordance with the purposes of this subtitle, contract for and accept a loan or grant from the federal government or the State, a local government, or any of their units or instrumentalities;
        (8)    acquire, improve, manage, operate, dispose of, or otherwise deal with property, take assignments of rentals and leases, and make contracts, leases, agreements, and arrangements that are necessary or incidental to the performance of the Authority’s duties, on the terms and conditions that it may consider advisable;
        (9)    acquire or receive assignment of a document executed, obtained, or delivered in connection with financial assistance under this subtitle;
        (10)    subject to any outstanding agreement the Authority makes under this subtitle, make a covenant or other agreement regarding the Authority’s insurance funds, establish within them accounts to carry out this subtitle, and allocate revenue and receipts among the accounts;
        (11)    fix, charge, and collect a premium, fee, cost, or other expense related to financial assistance under this subtitle, including an application fee, commitment fee, program fee, finance charge, and publication fee;
        (12)    authorize the chair, vice chair, or Executive Director to perform, on behalf of the Authority, a duty or prescribe, specify, determine, or approve a detail, document, procedure, or a matter that the Authority, in its sole discretion, determines appropriate to carry out this subtitle; and
        (13)    do all things necessary or convenient to carry out the powers granted by this subtitle.
    (b)    The Authority shall:
        (1)    keep records of its funds and accounts; and
        (2)    ensure that its funds and accounts are audited annually.
    (c)    In its internal functions, the Authority shall purchase office space, supplies, facilities, materials, equipment, and professional services in accordance with the State Finance and Procurement Article.
    (d)    The Authority exercises its powers and performs its duties subject to the authority of the Secretary.