HARRY HUGHES, Governor

681

REVISOR'S NOTE: This section is new language derived
without substantive change from the last two
clauses of the first sentence and from the fifth
sentence of Art. 41, § 266W (a).

The term "public body", which is defined in §
13—101{o) of this subtitle, is substituted for
present references to a "municipality or county".
In item (3) of this section, the term "public
body" is substituted for the reference to
"county" to correct an apparent omission. Since
any "public body" is allowed to borrow money,
there appears to be no reason to limit the power
to execute a mortgage to counties. See revisor's
note to § 13-151 of this subtitle.

13—141. RESOLUTION OF PUBLIC BODY — IN GENERAL.

(A)   "RESOLUTION" DEFINED.

IN THIS SECTION, "RESOLUTION" MEANS:

(1)   AS TO A POLITICAL SUBDIVISION, AN ORDINANCE
OR RESOLUTION ADOPTED BY THE LEGISLATIVE BODY OF THE
POLITICAL SUBDIVISION;

(2)   AS TO AN INDUSTRIAL DEVELOPMENT AUTHORITY, A
RESOLUTION ADOPTED BY THE BOARD OF DIRECTORS OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY; AND

(3)   AS TO THE STATE AVIATION ADMINISTRATION,
WRITTEN APPROVAL BY THE STATE SECRETARY OF TRANSPORTATION.

(B)   RESOLUTION REQUIRED.

EXCEPT AS PROVIDED IN §      13-142 OF THIS SUBTITLE, A

PUBLIC BODY MAY TAKE ACTION    UNDER § 13-140 OF THE SUBTITLE

ONLY AFTER IT HAS ADOPTED A RESOLUTION AUTHORIZING THAT
ACTION.

(C)   CONTENTS OF RESOLUTION.

THE RESOLUTION OF THE PUBLIC BODY SHALL:

(1)   SPECIFY THE PROPOSED UNDERTAKING, THE AMOUNT
OF MONEY 10 BE BORROWED, AND THE MAXIMUM RATE OF INTEREST TO
BE PAID; AND

(2)   PROVIDE THAT THE FUNDS BORROWED BY THE
PUBLIC BODY ARE USED IN CONNECTION WITH A BONA FIDE
INDUSTRIAL PROJECT UNDER THIS SUBTITLE AS EVIDENCED BY A
LETTER OF INTENT OR SIMILAR AGREEMENT BETWEEN THE
PROSPECTIVE INDUSTRIAL PROJECT APPLICANT AND THE PUBLIC
BODY.

(D) NATURE OF RESOLUTION.