§ 18-114. Revenue bonds

   (a) Authority may issue revenue bonds. -- To carry out the purposes of this subtitle, an authority may issue revenue bonds to finance the cost of:

   (1) acquiring property; or

   (2) establishing, constructing, altering, improving, or equipping a facility.

(b) Issued by resolution. -- Each bond issue shall be authorized by a resolution approved by a vote of at least four members of the authority.

(c) Determination. -- An authority shall determine that a bond issue is necessary to achieve one or more of the authority's purposes before issuing bonds under this section.

(d) Contents of resolution. -- The resolution authorizing the bond issue shall include:

   (1) the determination that a bond issue is necessary;

   (2) a statement that the authority will acquire the vehicle parking facility or related project in accordance with this subtitle and local law;

   (3) a determination of the probable useful life of the project or average probable useful life of the projects to be financed;

   (4) an estimate of the cost of the project to be financed and the portion to be defrayed from any sources that shall be specifically named, other than the proposed bond issue;

   (5) the procedure for the sale of the proposed bond issue;

   (6) a description sufficient for purposes of identification of each of the projects to be financed by the bond issue; and

   (7) a finding that the amount of the proposed bond issue is sufficient to complete at least a useful portion of each project to be financed.

(e) Negotiable instruments. -- Notwithstanding any other provision of the Code or any recitals of the bond, the bonds are negotiable instruments.

HISTORY: An. Code 1957, art. 41, § 14-309(a), (b), (d); 2013, ch. 119, § 2.