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HARRY HUGHES, Governor
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573
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266D.
(a) In order further to accomplish the legislative policy
of this subtitle, in addition to whatever other powers it may
have and notwithstanding any limitation of law, any public body
may issue and sell its bonds, as its limited obligations and not
upon its faith and credit or pledge of its taxing power, at any
time and from time to time, for the purposes of financing or
refinancing any costs of the acquisition of 1 or more facilities
for 1 or more facility users or of refunding outstanding bonds,
including the necessary expenses of preparing, printing, selling,
and issuing those bonds, the funding of reserves, and the payment
of interest with respect to financing such acquisition in such
amounts, or for such period, as the public body deems reasonable.
Bonds issued by an authority shall be deemed to be issued on
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
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