WILLIAM DONALD SCHAEFER, Governor                            Ch. 356

(B) (1) THE AUTHORITY SHALL KEEP RECORDS CONSISTENT WITH SOUND
BUSINESS PRACTICES AND ACCOUNTING RECORDS USING GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES.

(2)      THE AUTHORITY SHALL HAVE ITS BOOKS AND RECORDS AUDITED
AT THE CONCLUSION OF EACH FISCAL YEAR.

(3)      THE BOOKS AND RECORDS OF THE AUTHORITY SHALL BE SUBJECT
TO AUDIT, EXAMINATION, AND INSPECTION AT ANY REASONABLE TIME BY THE
COUNTY EXECUTIVE OR COUNTY COUNCIL OR THEIR DESIGNEES.

(4)      IN ADDITION TO ANY FINANCIAL AUDIT REQUIRED BY THIS
SECTION, THE COUNTY MAY CONDUCT FINANCIAL OR MANAGEMENT AUDITS.

26.106.

(A)     THE POWERS GRANTED TO THE AUTHORITY MAY NOT BE CONSTRUED TO
AUTHORIZE THE AUTHORITY TO:

(1)      ENGAGE IN ANY SPECULATIVE LAND TRANSACTIONS;

(2)      PREEMPT OR SUPERSEDE THE REGULATORY AUTHORITY OF ANY
STATE OR COUNTY DEPARTMENT OR AGENCY;

(3)      PARTICIPATE IN THE ZONING PROCESS; OR

(4)      ENGAGE IN ANY ACTIVITY WHICH IS BEYOND ITS STATED PURPOSE
OR POWERS.

(B)     THE AUTHORITY HAS THE FOLLOWING POWERS:

(1)      TO DEVELOP AND ANNUALLY UPDATE THE ECONOMIC
DEVELOPMENT PLAN FOR THE COUNTY;

(2)      TO IMPLEMENT THE ECONOMIC DEVELOPMENT PLAN FOR THE
COUNTY;

(3)      TO MAKE, AMEND, AND REPEAL BYLAWS, RULES, AND
REGULATIONS IN A MANNER CONSISTENT WITH THIS SUBTITLE AND IN
COMPLIANCE WITH THE PROVISIONS OF THE HOWARD COUNTY ADMINISTRATIVE
PROCEDURE ACT;

(4)      TO COORDINATE THE INDUSTRIAL DEVELOPMENT BOND PROGRAM
AND OTHER FINANCING PROGRAMS TO ASSIST ECONOMIC DEVELOPMENT IN THE
COUNTY;

(5)      TO COOPERATE AND COORDINATE EFFORTS WITH THE PRIVATE
INDUSTRY COUNCIL IN MAXIMIZING EMPLOYMENT AND ECONOMIC DEVELOPMENT
OPPORTUNITIES;

(6)      TO COOPERATE AND COORDINATE WITH THE AGRICULTURAL
LAND PRESERVATION BOARD IN PROMOTING AND ENHANCING THE
AGRICULTURAL INDUSTRY IN THE COUNTY;

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