Maryland Statutes
Subtitle 1 - Parking Authorities Act
Section 18-114 - Revenue Bonds

(a)    To carry out the purposes of this subtitle, an authority may issue revenue bonds to finance the cost of:
        (1)    acquiring property; or
        (2)    establishing, constructing, altering, improving, or equipping a facility.
    (b)    Each bond issue shall be authorized by a resolution approved by a vote of at least four members of the authority.
    (c)    An authority shall determine that a bond issue is necessary to achieve one or more of the authority’s purposes before issuing bonds under this section.
    (d)    The resolution authorizing the bond issue shall include:
        (1)    the determination that a bond issue is necessary;
        (2)    a statement that the authority will acquire the vehicle parking facility or related project in accordance with this subtitle and local law;
        (3)    a determination of the probable useful life of the project or average probable useful life of the projects to be financed;
        (4)    an estimate of the cost of the project to be financed and the portion to be defrayed from any sources that shall be specifically named, other than the proposed bond issue;
        (5)    the procedure for the sale of the proposed bond issue;
        (6)    a description sufficient for purposes of identification of each of the projects to be financed by the bond issue; and
        (7)    a finding that the amount of the proposed bond issue is sufficient to complete at least a useful portion of each project to be financed.
    (e)    Notwithstanding any other provision of the Code or any recitals of the bond, the bonds are negotiable instruments.

Structure Maryland Statutes