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Ch. 73
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574
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LAWS OF MARYLAND
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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
resolution, trust agreement, lease, sale agreement, loan
agreement, or other instrument adopted or entered into by a
public body under this subtitle need be filed or recorded except
in the records of the public body, regardless of any contrary
provision of public general or public local law. The chief
executive officer or administrative officer acting pursuant to a
resolution of a legislative body shall exercise any authority
granted the officer in order to accomplish the legislative policy
of this subtitle and the public purposes of the resolution as
declared by the legislative body, subject to the limitations set
forth in this subtitle and any limitations prescribed by the
legislative body by resolution.
(f) The resolution adopted pursuant to this section is
administrative in nature, is not subject to procedures required
for legislative acts, and is not subject to referendum. It is
the declared legislative intent that this subtitle is
self-executing and fully authorizes and enables any county,
municipality, [or] authority, OR THE MARYLAND INDUSTRIAL
DEVELOPMENT FINANCING AUTHORITY, to issue and sell bonds as its
limited obligations and not upon its faith and credit at any time
and from time to time for the purpose of financing any costs of
the acquisition of 1 or more facilities, and notwithstanding any
other statutory or charter provision, no further charter
amendment, enabling legislation, ordinance, bill or other similar
action need be taken by the legislative body of any county or
municipality, [or] by the board of directors of any authority, OR
BY THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY to
implement the authority hereby conferred, other than the adoption
of such administrative resolution.
(h) In any suit, action, or proceeding involving the
validity or enforceability of any bond issued under this subtitle
or any security therefor, any finding by the legislative body of
the county or municipality, [or] by the board of directors of any
authority, OR BY THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING
AUTHORITY as to the public purpose of any action taken under this
subtitle and the appropriateness of those actions to serve the
public purpose shall be conclusive.
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