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HARRY HUGHES, Governor 2421
behalf of the public body that created the authority. BONDS
ISSUED BY THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY
SHALL BE ISSUED ON BEHALF OF THE STATE AND SHALL BE ISSUED IN
ACCORDANCE WITH THE REQUIREMENTS OF THE MARYLAND INDUSTRIAL
DEVELOPMENT FINANCING AUTHORITY ACT.
(d) To implement the authority conferred upon it by this
subtitle to issue bonds, the legislative body of any county or
municipality, [or] the board of directors of any authority, OR
THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY, may
adopt a resolution pursuant to which it shall:
(1) Specify and describe the facility or facilities;
(2) Generally describe the public purpose to be
served and the financing or refinancing transaction to be
accomplished under this subtitle;
(3) Specify the maximum principal amount of the bonds
that may be issued; and
(4) Impose any terms or conditions on the issuance
and sale of the bonds it deems appropriate. Except in a county
or municipality that does not have a publicly elected chief
executive officer, the resolution shall be subject to the
approval of the chief executive officer.
(e) The legislative body of any county or municipality,
[or] the board of directors of any authority, OR THE MARYLAND
INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY, by resolution, may
itself specify and prescribe, or may authorize:
(1) Its finance board, by resolution; or
(2) Its chief executive officer, by executive order
or otherwise; or
(3) Any other appropriate administrative officer, by
order or otherwise with the approval of its chief executive
officer, to specify, prescribe, determine, provide for or approve
such matters, details, forms, documents, or procedures as the
legislative body [or], board of directors, OR THE MARYLAND
INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY deems appropriate to
the authorization, sale, security, issuance, delivery, or payment
of or for the bonds, including, without limitation, creation of
security for the bonds and provision for the administration of
bond issues such as trust or other agreements with banks or trust
companies regarding any countersignature or delivery of bonds or
security for bonds. The resolution or trust agreement may
contain a pledge or assignment of revenues to be received in
connection with the financing or refinancing of a facility and
the lien of the pledge or assignment shall be valid and binding
against any person having a claim of any kind against the public
body, irrespective of whether the person has notice. No
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