ROBERT L. EHRLICH, JR., Governor                              Ch. 187

(6) RECEIVE AND ACCEPT AID OR CONTRIBUTIONS FROM ANY SOURCES
OF MONEY, PROPERTY, LABOR, OR OTHER THINGS OF VALUE TO BE HELD, USED, AND
APPLIED FOR THE PURPOSES FOR WHICH THE GRANTS AND CONTRIBUTIONS WERE
MADE; AND

(7) PERFORM ALL ACTS AND OTHER THINGS NECESSARY TO CARRY OUT
THE POWERS EXPRESSLY GRANTED BY THE PROVISIONS OF THIS SUBTITLE.

(B) THE BOARD SHALL MAINTAIN RECORDS IDENTIFYING THE SOURCES AND
AMOUNTS OF PAYMENTS USED TO SUPPORT THE COSTS OF ANY PROJECT
AUTHORIZED UNDER THE PROVISIONS OF THIS SUBTITLE.

4-412.1.

(A) THE BOARD MAY ISSUE BONDS FOR THE PURPOSE OF FINANCING OR
REFINANCING ALL OR ANY PART OF THE COSTS OF ANY PROJECT.

(B) THE AGGREGATE PRINCIPAL AMOUNT OF BONDS OUTSTANDING,
INCLUDING THE AMOUNT OF ANY RESERVE FUND REQUIREMENT ESTABLISHED FOR
THE BONDS, MAY NOT EXCEED, AS OF THE DATE THE BONDS ARE ISSUED, $25,000,000.

(C) BONDS SHALL BE AUTHORIZED BY A RESOLUTION OF THE BOARD AND
MAY BE SECURED BY A TRUST AGREEMENT BY AND BETWEEN THE BOARD AND A
CORPORATE TRUSTEE OR TRUSTEES WHICH MAY BE ANY TRUST COMPANY OR BANK
HAVING THE POWERS OF A TRUST COMPANY WITHIN OR OUTSIDE OF THE STATE.

(D) BEFORE THE BOARD MAY ISSUE A BOND UNDER THIS SECTION, THE
COUNTY EXECUTIVE AND THE COUNTY COUNCIL OF PRINCE GEORGE'S COUNTY
SHALL PASS A RESOLUTION APPROVING THE BOARD'S ISSUANCE OF THE BOND AND
SHALL FORWARD THAT RESOLUTION TO THE BOARD.

(E) THE RESOLUTION OF THE BOARD AUTHORIZING THE BONDS;

(1) SHALL DESCRIBE THE PROJECTS THAT ARE TO BE FINANCED OR
REFINANCED BY THE BOND;

(2) SHALL STATE THE MAXIMUM PRINCIPAL AMOUNT OF THE BOND;

(3)  SHALL DESCRIBE THE SOURCES OF PAYMENT OF THE BONDS;

(4)  SHALL PROVIDE THAT THE PROCEEDS OF THE BONDS BE INVESTED
IN ACCORDANCE WITH ANY INVESTMENT POLICY APPROVED BY THE BOARD; AND

(5) MAY PROVIDE THAT THE BONDS ARE REDEEMABLE BEFORE
MATURITY AT A PRICE OR PRICES AND UNDER TERMS AND CONDITIONS OR IN
ACCORDANCE WITH A METHOD DETERMINED BY THE BOARD.

(F) THE RESOLUTION OF THE BOARD OR THE TRUST AGREEMENT RELATING
TO THE BONDS MAY CONTAIN PROVISIONS THAT;

(1) LIMIT THE PURPOSE TO WHICH THE PROCEEDS OF ANY ISSUE OF
BONDS MAY BE APPLIED AND RESTRICT THE INVESTMENT OF REVENUES OR BOND

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