BLAIR LEE III, Acting Governor

1825

(II)   THE PROBABLE USEFUL LIFE OF THE
PROJECT, OR AVERAGE PROBABLE USEFUL LIFE OF THE PROJECTS TO
BE FINANCED;

(III)  A DECLARATION THAT THE PRINCIPLE AND
THE INTEREST OF THE PROPOSED ISSUE ARE TO BE PAID BY
REVENUES RECEIVED BY THE AUTHORITY;

(IV)   AN ESTIMATE OF THE COST OF THE
PROJECT OF PROJECTS AND THE PORTION TO BE DEFRAYED FROM
SOURCES, SPECIFICALLY NAMED, OTHER THAN THE PROPOSED BOND
ISSUE;

(V)    A DECLARATION OF WHETHER OR NOT THE
BONDS, ALTHOUGH THEY ARE REVENUE BONDS, ARE GUARANTEED BY
THE FULL FAITH AND CREDIT OF THE COUNTY FOR WHICH THE
AUTHORITY WAS CREATED;

(VI)   THE PROCEDURE FOR THE PUBLIC SALE OF
THE PROPOSED ISSUE;

(VII)  OTHER MATTERS RELATED TO THE
AUTHORIZATION, ISSUANCE, AND SALE OF THE ISSUE THAT THE
AUTHORITY DEEMS APPROPRIATE; AND

(VIII)        A STATEMENT OF THE PURPOSES OF
THE ISSUE, AND IF A STATED PURPOSE IS TO FINANCE ONE OR MORE
CAPITAL PROJECTS WHICH SHALL BE RELATED TO THE PARKING OF
VEHICLES, THE RESOLUTION SHALL:

(A)    DESCRIBE EACH OF THEM
SUFFICIENTLY FOR THE PURPOSES OF IDENTIFICATION;

(B)    STATE THAT THEY HAVE BEEN
APPROVED BY THE COUNTY IN WHICH THE AUTHORITY IS LOCATED AND
ARE CONTAINED WITHIN THE APPROVED APPROPRIATED BUDGET OF THE
COUNTY; AND

(C)    INCLUDE NO PROJECT UNLESS THE
AMOUNT OF THE PROPOSED ISSUE IS DEEMED SUFFICIENT TO
COMPLETE AT LEAST A USEFUL PORTION OF THE PROJECT.

277.

ANY REVENUE BONDS OR NOTES ISSUED UNDER THIS SUBTITLE,
THEIR TRANSFER, THE INTEREST PAYABLE ON THEM, AND ANY INCOME
DERIVED FROM THEM IS EXEMPT AT ALL TIMES FROM STATE, COUNTY,
AND MUNICIPAL TAXATION OF EVERY KIND AND NATURE WHATEVER IN
THIS STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That all laws or
parts of laws, public general or public local, inconsistent

with this Act, are repealed to the extent of the

inconsistency.

SECTION 2. AND BE IT FURTHER ENACTED, That the

authorization granted__ by this Act shall be in addition to