(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
Title 18 - Local Economic Development
Subtitle 1 - Parking Authorities Act
Section 18-102 - Legislative Findings; Purposes of Subtitle
Section 18-103 - Scope of Subtitle
Section 18-104 - Powers of Counties or Municipalities -- in General
Section 18-105 - Authority Established
Section 18-106 - Powers of Counties or Municipalities -- Amendments
Section 18-108 - Powers of Authority -- in General
Section 18-109 - Powers of Authority -- Enactment by County
Section 18-110 - Authority Property Exempt From Taxation
Section 18-111 - Earnings of Authority
Section 18-112 - Termination of Authority
Section 18-113 - Act of Authority Not Subject to Challenge
Section 18-114 - Revenue Bonds
Section 18-115 - Revenue Bonds -- Probable Useful Life of Project
Section 18-116 - Revenue Bonds -- Matters Determined by Local Law
Section 18-117 - Guarantee of Revenue Bonds; Independent Taxing Authority Not Conferred
Section 18-118 - Revenue Bonds -- Referendum Provisions Inapplicable
Section 18-119 - Revenue Bonds -- Application of Conditions of Sale Requirements