1058                             Laws of Maryland                       Ch. 466

2-150, 2-152(m,r), 2-155(b), 2-156, 2-157, 2-161, 2-166, and 2-168(a)
of the Montgomery County Code 1965, as amended, Article XIX,
title "Revenue Authority", be and hereby are repealed and re-enacted
with amendments to read as follows:

1(1a) (2-145) Created; composition; appointment, terms and qual-
ifications of members; chairman.

There is hereby created a body corporate and politic to be known
as the "Montgomery County Revenue Authority", which shall be
deemed an instrumentality of Montgomery County and a public
corporation. The authority shall consist of five members to be ap-
pointed by the County Council, each of whom shall be a resident of
Montgomery County. The original appointments shall be made in
such manner that the term of one member shall expire on July 1,
1958, the term of another member shall expire on July 1, 1959, the
term of another member shall expire on July 1, 1960, the term of
another member shall expire on July 1, 1961, and the term of the
remaining member shall expire on July 1, 1962. Their successors shall
be appointed for terms of five years from the date of expiration of
their respective terms of office; except, that any person appointed
to fill a vacancy shall serve only for the unexpired term, and any
member of the authority shall be eligible for reappointment. The
County Council shall name one member, so appointed, as chairman
of the authority and shall name, from time to time, all successor
chairmen of the authority as vacancies in that office shall occur.
On and after December 7, 1970 the County Executive shall, subject
to the confirmation of the Council, make all appointments to the
authority and shall designate all successor chairmen. The members
of the authority shall be persons of ability, experience and integrity
and shall not be selected as representing or supporting any special
interest or interests.

1(1a,d) (2-147) Secretary-treasurer

The members of the authority shall elect a secretary-treasurer
who may or may not be a member of the authority.

Before the issuance of any revenue bonds under the provisions of
this Article, the secretary-treasurer of the authority shall execute
a surety bond in a penal sum to be fixed by the authority, with the
consent of the County [council] Executive, such surety bond to be
conditioned upon the faithful performance of the duties of his office,
to be executed by a surety company authorized to transact business
in the State of Maryland as surety, to be approved by the County
Attorney, and to be filed in the office of the Director of Finance.
The premium on such bond shall be paid by the authority.

1(1a) (2-148) Compensation of members

The members of the authority may be compensated for their
services in such amount as may be determined by [resolution from
time to time of] the County Executive with the approval of the
County Council, and they shall be reimbursed for actual expenses
necessarily incurred in the performing of their duties; provided,
however, that such compensation and reimbursement shall be made
solely from funds received by the authority under the provisions of
this Article. The compensation of members of the authority shall
not be diminished during their terms of office.