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§ 12-111. Authorizing resolution

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 12. Local Development Authorities and Resources (Refs & Annos)
Subtitle 1. Economic Development Revenue Bond Act (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 12-111
§ 12-111. Authorizing resolution
Currentness
Adoption of resolution to issue bonds
(a) For each issue of its bonds, the legislative body of a county or municipal corporation, the board of directors of an authority, or the Maryland Industrial Development Financing Authority, shall adopt a resolution that:
(1) specifies and describes the facility;
(2) generally describes the public purpose to be served and the financing transaction;
(3) specifies the maximum principal amount of the bonds that may be issued; and
(4) imposes terms or conditions on the issuance and sale of bonds it considers appropriate.
Powers of finance board and other officers
(b)(1) The legislative body of a county or municipal corporation, the board of directors of an authority, or the Maryland Industrial Development Financing Authority, by resolution, may:
(i) specify, determine, prescribe, and approve matters, documents, and procedures that relate to the authorization, sale, security, issuance, delivery, and payment of and for the bonds;
(ii) create security for the bonds;
(iii) provide for the administration of bond issues through trust or other agreements with a bank or trust company that cover a countersignature on a bond, the delivery of a bond, or the security for a bond; and
(iv) take other action it considers appropriate concerning the bonds.
(2) The legislative body of a county or municipal corporation, the board of directors of an authority, or the Maryland Industrial Development Financing Authority may authorize a designee to exercise the powers provided under paragraph (1) of this subsection.
(3) A designee may be:
(i) a finance board, which shall act by resolution;
(ii) the chief executive, who shall act by executive order or otherwise; or
(iii) any other appropriate administrative officer, who shall act by order or otherwise with the approval of the chief executive.
(4) Subject to the limitations of this subtitle and the limitations the legislative body prescribes by resolution, a chief executive or an administrative officer acting under a resolution of a legislative body shall exercise the authority granted:
(i) to accomplish the legislative purposes of this subtitle; and
(ii) to accomplish the public purposes of the resolution that the legislative body adopts.
Pledge or assignment of revenues
(c)(1) A resolution or trust agreement may contain a pledge or assignment of revenues received from the financing of a facility.
(2) The lien of the pledge or assignment made is valid and binding against a person with a claim against the public body, whether or not the person has notice of the lien.
Filing or recordation
(d) Notwithstanding any other public general or public local law, a public body need not file or record a resolution, trust agreement, lease, installment sale agreement, loan agreement, or other instrument that it adopts or makes under this subtitle, except in the records of the public body.
Nature of resolution; approval
(e) A resolution adopted under this section:
(1) is administrative in nature;
(2) is not subject to procedures required for legislative acts;
(3) is not subject to referendum; and
(4) in a county or municipal corporation that has a publicly elected chief executive, is subject to approval by the chief executive.
Additional action
(f) This authorization is self-executing, and fully authorizes a public body to issue and sell bonds, notwithstanding any other statutory or charter provision.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 12-111, MD ECON DEV § 12-111
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document