2306

LAWS OF MARYLAND

Ch. 667

(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.]

(B)  EACH BOND ISSUE SHALL BE AUTHORIZED BY A
RESOLUTION APPROVED BY A VOTE OF AT LEAST FOUR OF THE FIVE
MEMBERS OF THE AUTHORITY, WHICH SHALL PROVIDE THAT THE
VEHICLE PARKING FACILITY OR RELATED PROJECT IS TO BE
ACQUIRED PURSUANT TO THE PROVISIONS OF THIS SUBTITLE AND OF
LOCAL LAW, AND SHALL CONTAIN THE FOLLOWING:

(1)  A DETERMINATION OF THE PROBABLE USEFUL LIFE
OF THE PROJECT, OR AVERAGE PROBABLE USEFUL LIFE OF THE
PROJECTS TO BE FINANCED. IN THE CASE OF BONDS ISSUED FOR
PROJECTS HAVING DIFFERENT PROBABLE USEFUL LIVES, THE
AUTHORITY SHALL CONSIDER THE AMOUNT OF THE BONDS TO BE
ISSUED ON ACCOUNT OF EACH PROJECT WHEN IT DETERMINES THE
AVERAGE PROBABLE USEFUL LIFE OF THE PROJECTS. THE
DETERMINATION OF PROBABLE USEFUL LIFE OF THE PROJECT OR
AVERAGE PROBABLE USEFUL LIFE OF THE PROJECTS BY AN AUTHORITY
UNDER THIS SECTION SHALL BE CONCLUSIVE.

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

(3)  THE PROCEDURE FOR THE SALE OF THE PROPOSED
ISSUE OF BONDS.

(4)  A DESCRIPTION OF EACH OF THE PROJECTS TO BE
FINANCED BY THE ISSUE OF BONDS SUFFICIENT FOR PURPOSES OF
IDENTIFICATION.

(5)  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 THEREBY.

(C)  ALL OTHER MATTERS WITH RESPECT TO THE
AUTHORIZATION, ISSUANCE, SALE, DELIVERY, AND PAYMENT OF THE
BONDS, INCLUDING, WITHOUT LIMITATION, THE ISSUE DATE OR
DATES, MATURITY OR MATURITIES, INTEREST RATE OR RATES,
TERMS, FORM OR FORMS, DENOMINATION OR DENOMINATIONS, MANNER
OR EXECUTION, PLACE OR PLACES OF PAYMENT, REDEMPTION,
REFUNDING, SALE PRICE, MANNER OF SALE, AND SECURITY OF BONDS
SHALL BE AS DETERMINED BY LOCAL LAW CONSISTENT WITH THE
PROVISIONS OF THIS SUBTITLE.

(D)  THE BONDS ARE NEGOTIABLE INSTRUMENTS UNDER
MARYLAND LAW, NOTWITHSTANDING ANY OTHER PROVISIONS OF THE
CODE OR ANY RECITALS IN THE BONDS.