HARRY HUGHES, Governor

4323

SECTION 2 3. AND BE IT FURTHER ENACTED, That the
validity of all bonds heretofore issued thereunder and
outstanding on the effective date of this Act be and it is
hereby validated, ratified and confirmed, and except as
expressly provided to the contrary in this Act, any
transaction affected by or flowing from the provisions of
law hereby repealed, and entered into or officially acted on
by a county, municipality, or authority before the effective
date of this Act, and every right, duty, or interest flowing
from it remains valid after the effective date and may be
completed, consummated, enforced, or terminated as permitted
or required by any provision of law hereby repealed as
though the repeal- had not occurred; and that any industrial
development authority existing on June 30, 1982 pursuant to
the provisions of law hereby repealed may continue to exist
as previously authorized after the effective date of this
Act, subject to and with the benefits of the provisions of
this Act.

SECTION 3 4. AND BE IT FURTHER ENACTED, That
section(s) of the Annotated Code of Maryland read(s) as
follows:

Article 41 - Governor - Executive and
Administrative Departments

MARYLAND ECONOMIC DEVELOPMENT REVENUE BOND ACT

266A.

(A)  IN THIS SUBTITLE, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(B)  "ACQUISITION" MEANS THE ACQUISITION, CONSTRUCTION,
RECONSTRUCTION, EQUIPPING, EXPANSION, EXTENSION,
IMPROVEMENT, REHABILITATION, OR REMODELING OF 1 OR MORE
FACILITIES.

(C)  "AUTHORITY" MEANS AN INDUSTRIAL DEVELOPMENT
AUTHORITY CREATED UNDER § 266C OF THIS SUBTITLE.

(D)  "BONDS" MEANS REVENUE BONDS OR NOTES INCLUDING,
WITHOUT LIMITATION, BOND ANTICIPATION NOTES AND NOTES IN THE
NATURE OF COMMERCIAL PAPER OR OTHER INSTRUMENTS,
CERTIFICATES, OR EVIDENCES OF OBLIGATION ISSUED AND SOLD BY
ANY PUBLIC BODY PURSUANT TO THIS SUBTITLE TO FINANCE OR
REFINANCE 1 OR MORE FACILITIES OR TO REFUND OUTSTANDING
BONDS.

(E)  "CHIEF EXECUTIVE OFFICER" MEANS THE PRESIDENT,
CHAIRMAN, MAYOR, COUNTY EXECUTIVE, OR OTHER CHIEF EXECUTIVE
OFFICER OF A PUBLIC BODY, IF ANY, HOWEVER DESIGNATED,
WHETHER ELECTED TO THE OFFICE OR ACTING AS SUCH UNDER LAW.