In this Subtitle, the following words have the meanings indicated. Authority means the Revenue Authority established under Section 21A-102 of this Subtitle. Bond or bonds means revenue bonds or notes, including, without limitation, bond anticipation notes and notes in the nature of commercial paper, or other instruments, certificates, or evidences of obligation issued and sold or offered for sale by the Authority, including refunding obligations. Cost means the cost of or expense associated with: All land, property, rights, easements, franchises, and licenses or interests therein deemed necessary for any project; All labor, materials, machinery, furnishings, and equipment; Financing charges; Establishment of reserves; Interest prior to and during construction and for a reasonable period after completion of construction; Engineering, architectural, and legal services; Plans, specifications, surveys, estimates of cost and of revenues, and other expenses necessary or incident to determining the feasibility or practicality of any project; Administrative expenses; Letters or lines of credit, municipal bond insurance, or any other form of financial guaranty or surety; Working capital; and Other expenses as may be necessary or incident to the construction, reconstruction, renovation, remodeling, improvement, equipping, furnishing, maintenance, acquisition, operation, or financing or refinancing of a project, including the purchase, remodeling, renovation, or reconstruction of any existing facility acquired by the Authority as a project and placing a project in operation. County means Prince George's County, Maryland. Local law means a legislative act of the County. Project means any structure, facility, or undertaking, or any combination thereof of a similar class or character, which the Authority is authorized to construct, reconstruct, remodel, renovate, improve, equip, furnish, maintain, acquire, operate, control, regulate, finance, or refinance.

The governing body of the County is authorized to create, by local law, a body corporate and politic and a unit of the County known as the "Revenue Authority of Prince George's County." The Authority shall be created when the County: Passes local laws providing and constituting the terms of the charter for the Authority; and Files the charter with: The Department of Assessments and Taxation; The Department of Legislative Reference; and The Secretary of State. The County may: Amend the Authority's charter through local law if the amendments are filed with the Department of Assessments and Taxation, the Department of Legislative Reference, and the Secretary of State; Change the structure, organization, program, powers, or activity of the Authority unless the change would impair the Authority's obligations under a contract or agreement the Authority entered into before the change; and Terminate the Authority unless the termination would impair the Authority's obligations under a contract or agreement the Authority entered into before the termination. Before the County establishes the Authority, the County shall hold a public hearing which: Shall be advertised twice by publication in a newspaper of general circulation in the County at least 10 days before the hearing; and May not be part of the annual budget hearing.

Subject to the provisions of Subsection (c) of this Section, the Authority may construct, reconstruct, remodel, renovate, improve, equip, furnish, maintain, acquire (by purchase, lease, or other legal means), operate, control, regulate, and finance or refinance projects within the boundary lines of the County, devoted wholly or partially for public uses, good, or general welfare. Projects authorized under Subsection (a) of this Section may include: Projects to stimulate employment or economic growth in the County; Stadiums and recreational facilities; Housing projects; Health and welfare facilities; Transportation facilities and systems; Land and buildings to be occupied by governmental or educational agencies; and Other projects authorized by local law. The approval of the governing body of the County, by ordinance or resolution, shall be required for all projects authorized under this Section.

The Authority shall consist of not less than five members. The number of members of the Authority may be greater than five if authorized by local law. The residency requirements, means of appointment and removal, qualifications, and terms of office of the members of the Authority shall be specified by local law. The officers and employees of the Authority shall be appointed and removed as specified by local law. The exercise of all powers, authority, rights, and obligations of the Authority shall be as specified by local law and by this Subtitle. An act of the Authority may not be challenged on the basis of the absence of qualifications of a member of the Authority if the member: Has been appointed by the appropriate authority designated by local law; and Has taken the oath of office.

Subject to local law, the Authority may: Acquire, purchase, or otherwise obtain, hold, and use any property, real, personal, or mixed, tangible or intangible, or any interest therein; Lease as lessee any property, real, personal, or mixed, tangible or intangible, or any interest therein; Lease as lessor any project or part of any project, whether wholly or partially completed, and any property, real, personal, or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority; Mortgage or otherwise pledge or encumber any property, real, personal, or mixed, tangible or intangible, or any interest therein, of the Authority; and Sell, transfer, or convey any project or any property, whether real, personal, or mixed, tangible or intangible, or any interest therein, acquired or constructed by the Authority at any time. The Authority may accept grants from, make loans to, and enter into contracts with any Federal, State, or local agency or any private entity or party. The Authority may establish, impose, and collect tolls, rates, rentals, fees, and charges relating to its projects and property. Subject to public general law and local law, the Authority has all other powers necessary or convenient to carry out the purposes of the Authority. The budgetary and financial procedures of the Authority shall be set by local law. No provisions of the Charter of the County or other County law regarding the duties, powers, or organization of the Authority apply to the Authority, unless the County expressly provides by local law that the Charter provision or other County law applies to the Authority.

The Authority may not be deemed a municipal corporation as defined in Article XI-E of the Constitution of Maryland.

The Authority may make rules and regulations for the operation and use of property and projects under its jurisdiction in the manner provided by local law. Any violation of the rules and regulations duly adopted by the Authority is a misdemeanor and is punishable by a fine not to exceed $1,000 or imprisonment for not more than 180 days or both.

The Authority may issue bonds for the purpose of financing or refinancing, in whole or in part, the cost of any one or more of the projects undertaken by the Authority including bonds issued in accordance with Section 9-1301 of Article 24 of the Annotated Code and Title 14, Subtitle 2 of Article 41 of the Annotated Code. The bonds: Shall not constitute a debt of the County or a pledge of the faith and credit of the County, of the State, or of any political subdivision of the State; and Shall not be considered obligations of the County for purposes of any debt limitation imposed on the County under any constitutional, statutory, or Charter provision. The bonds, the borrowing which they represent, and the project, the cost of which is being financed or refinanced, are not subject to any referendum requirements of the Charter of the County. By resolution, the Authority may determine all matters with respect to the issuance, sale, delivery, and payment of the bonds, including the issue date or dates, maturity or maturities, interest rate or rates or manner of determining the interest rate or rates, terms, form or forms, denomination or denominations, manner of execution, place or places of payment, source or sources of payment, redemption, refunding, sale price, manner of sale, and security for the bonds. The bonds, the transfer of the bonds, the interest payable on the bonds, and any income derived from the bonds, including any profit realized in the sale or exchange of the bonds, shall be exempt at all times from taxation by the State or by any of its counties, municipal corporations, or public agencies of any kind. The bonds are exempt from the provisions of Article 31, Sections 9 through 11, of the Annotated Code of Maryland. (1) A pledge by the Authority of Revenues as security for an issue of bonds shall be valid and binding from the time the pledge is made. Revenues pledged by the Authority are subject immediately to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding against any person having any claim of any kind in tort, contract, or otherwise against the Authority, whether or not the person has notice of the lien. Notwithstanding any provision of public general or public local law, perfection against third parties of a lien of a pledge by the Authority of its revenues does not require the filing or recording of a resolution, trust agreement, financing statement, continuation, or other statement or instrument adopted or entered into by the Authority in any public record other than the records of the Authority.

As specified by local law, and to the extent not inconsistent with any constitutional or Charter provision or any public general or public local law, the County may: Assign, pledge, grant, contribute, or provide to the Authority any taxes, including hotel rental taxes, rates, rentals, fees, charges, or other funds held or receivable by the County for any purpose, including as additional security for any bonds of the Authority; and (A) Advance amounts to the Authority for any purpose, including payment of preliminary expenditures relating to any project of the Authority or for deficiencies in debt service requirements; and Provide for the repayment or forgiveness of the advances.

Notwithstanding any other provision of this Subtitle and to the extent not inconsistent with any constitutional or Charter provision or any public general or public local law, the Authority, as provided by local law, may: Receive and apply to its corporate purposes and projects any grants, contributions, pledges, loans, or other amounts from the State, the County, the Federal Government, any other governmental unit, or any public or private entity or party; and To the extent not inconsistent with any contract, instrument, or law relating to a grant, contribution, pledge, loan, or other amount, pledge the receipts as security for any of its bonds.

The property owned or controlled by, and the revenues of, the Authority are exempt from taxation of every kind by the State or by any of its political subdivisions, municipal corporations, or public units. The Authority may require a payment in lieu of taxes from any user or lessee of any property or product of the Authority.

The net earnings of the Authority, apart from those necessary to pay debt service or to implement the purposes of this Subtitle, may not inure to the benefit of any person other than the County. On termination of the Authority, all rights and title to all assets of the Authority shall vest in, and all obligations and assets of the Authority shall be transferred to and be assumed by, the County.

There is hereby created, as a distinct and separate entity, pursuant to Section 21A-102 of this Subtitle, as enacted by Chapter 491 of the Laws of Maryland, 1996, a body corporate and politic and a unit of the County known as the Revenue Authority of Prince George's County, hereinafter referred to as the "Authority." The Authority may exercise all the powers, authority, rights, and obligations granted to it by State law and this Subtitle. The purposes of the Authority shall be to exercise its powers for projects within the boundary lines of the County devoted wholly or partially for public uses, good, or general welfare, and to stimulate employment and economic growth in the County.

The definitions set forth in Section 21A-101 of this Subtitle shall apply to this Division.

The Authority shall consist of seven (7) public members and two (2) ex officio members. All shall be voting members. The ex officio members shall be the Chief Administrative Officer of the County or a Deputy Chief Administrative Officer, as designated by the County Executive, and the Director of the Office of Management and Budget. All members shall be persons who possess ability, experience, and integrity. Five (5) of the public members shall be appointed by the County Executive for terms of four (4) years each and confirmed by the County Council. Two (2) of the public members shall be appointed by the County Council according to the Council's rules. The terms of the appointments shall be staggered in such a manner that the terms of office of no more than two (2) members of the Authority may expire in the same year. Vacancies shall be filled for the unexpired term in the manner of original appointment. Each member shall serve until a successor is appointed and qualified even though the period of service may extend beyond the four (4) year term. All official acts and votes of any member during the period of extended service shall be valid as if the member were within said four (4) year term. A member of the Authority may be removed by the County Executive for cause. Two (2) of the public members shall be designated by the County Executive to serve as Chairman and Vice Chairman. Each such officer shall serve until a successor is designated even though the period of service may extend beyond the period originally designated by the County Executive. All official acts of any such officer during the period of extended office shall be valid as if the officer were within the period of original designation. The public members shall be entitled to such compensation as is established in the annual operating budget of the Authority, provided that such compensation shall be paid only for meetings actually attended.

Except as may be limited as provided therein, the Authority shall have all the rights and powers as established in Sections 21A-103, 21A-105 (A), (B), (C), and (D), and 21A-110 of this Subtitle, and the Authority shall have all the rights and powers as established in Subtitle 26 of the Prince George's County Code. The Authority may appoint, with the consent of the County Executive, an Executive Director, Secretary-Treasurer, and General Counsel. The Authority may appoint and remove such other employees or agents as the Authority shall deem necessary or desirable. Until such time as the Authority shall appoint an Executive Director, Secretary-Treasurer, and General Counsel for the Authority, the Chief Administrative Officer, Director of Finance, and County Attorney of the County shall serve, respectively, in such capacities. The Authority may delegate to one or more of its members, or to the officers, agents, or employees of the Authority, such powers and duties as the Authority may deem necessary, so long as such delegation is not inconsistent with the provisions of this Subtitle.

The fiscal year of the Authority shall be from July 1 through June 30.

On or before January 15th of each year, the Authority shall prepare and submit to the County Executive a proposed operating budget for the next fiscal year in such format as the County Executive may direct. The operating budget shall contain a statement of all revenue estimated to be received by the Authority during the ensuing fiscal year, classified so as to show the receipts by funds and sources of income; a statement of any debt service requirements for the ensuing fiscal year; a statement of the estimated cash surplus, if any, available for expenditure during the ensuing fiscal year; a statement of any estimated deficit required to be made up in the ensuing fiscal year; an estimate of the amounts the Authority deems necessary for conducting the business of the Authority to be financed from estimated revenue for the ensuing fiscal year; a statement of the bonded and other indebtedness of the Authority; a statement of any contingency reserve which shall remain unappropriated; a comparative statement of the receipts, amounts budgeted, and annual expenditures for the last completed fiscal year; a statement of all proposed expenditures for, and estimated revenue from, leases, subleases, and similar real estate transactions; and such additional information as the County Executive may require. If the proposed operating budget includes any item to be funded from payments (whether by lease payments, grant, or otherwise) to be received from Prince George's County, Maryland, the anticipated receipt or receipts shall be identified for each item and a copy of the proposed budget shall be submitted to the County Executive and County Council for their review and comment. The Authority may make such modification to the proposed budget as may be deemed appropriate in response to the comments of the County Executive or County Council. On or before June 1st of each year, the Authority shall adopt the operating budget of the Authority for the next fiscal year. The operating budget of the Authority shall be balanced at all times. The Authority may amend its operating budget at any regular or special meeting. Each member shall receive a copy of the proposed amendment with accompanying justification not less than seventy-two (72) hours prior to the meeting. If a proposed budget amendment includes an increase in any anticipated receipt from Prince George's County, Maryland, or the deletion of any facility of which the County is to be a user, copies of the proposed budget amendment shall be submitted to the County Executive and County Council for their review and comment at least thirty (30) days prior to its adoption.

For purposes of this Section, the term "capital project" or "project" shall mean: Any physical public betterment or improvement by the Authority; The acquisition of property of a permanent nature for use in accordance with the purposes and powers of the Authority; or The purchase of equipment for any public betterment or improvement when first constructed by the Authority. The Authority shall not commence any capital project without prior authorization of the County Executive and the County Council as provided in this Section. No capital project shall be proposed unless it is proposed to be commenced within the next succeeding six fiscal years. All capital projects approved under this Section shall constitute the Authority's Capital Improvement Program. The Capital projects and related information for each fiscal year, approved as part of a capital improvement program, shall constitute the capital budget of the Authority for that fiscal year. The Authority may propose to the County Executive one or more projects for inclusion in the Authority's Capital Improvement Program. Each proposal shall include the following information: A description of the project including an identification of the general location of the project; Anticipated source of funding for the project; Estimated cost of the project; A statement of the relationship between the project and any project included in the County's Capital Improvement Program; and A schedule of anticipated expenditures of funds by fiscal year. After reviewing the request of the Authority for the inclusion of one or more capital projects in the Authority's Capital Improvement Program, the County Executive shall transmit any approved project, or any additional project that the County Executive may propose for inclusion in the Authority's Capital Improvement Program, to the County Council for its approval by ordinance or resolution. Any such project proposed by the County Executive shall conform to the requirements of Subsection (b), above. Prior to the adoption of the ordinance or resolution approving the Authority's Capital Improvement Program, the County Council may add new projects or amend or delete any proposed project. The proposed expenditure of funds by the Authority for each fiscal year of an approved capital improvement program shall constitute the Authority's Capital Budget in that fiscal year. Where modifications are required to a capital project, the capital improvement program shall be amended in the same manner as originally approved. Nothing in this Section shall be deemed to authorize the Authority to expend any funds on any capital project beyond the six-year period specified in the Authority's current Capital Improvement Program. No appropriation for a capital project in the Capital Budget of the Authority shall lapse until the purpose for which the appropriation was made shall have been declared to be accomplished or declared to be abandoned by the Authority. The balances remaining to the credit of the completed or abandoned capital projects being lapsed shall be available for appropriation by the County in accordance with the requirements of this Division. Transfers of appropriations between capital projects in the Authority's Capital Budget or Capital Improvement Program may be authorized by resolution of the County Council upon request of the Authority and upon concurrence of the County Executive.

The Authority may adopt by resolution rules and regulations for the operation and use of property and undertakings under its jurisdiction. The Authority shall adopt by resolution rules and regulations implementing personnel, purchasing, and bidding procedures. Such regulations shall encourage minority business participation and may contain reasonable exceptions from competitive bidding requirements as determined by the Authority. On or before December 1st of each year, the Authority shall submit to the County Executive and County Council a financial statement of its financial condition and results of its operations for the most recently completed fiscal year. This financial statement shall be prepared in accordance with generally accepted accounting principles and shall be audited by an independent certified public accountant. The Authority shall provide such other reports as the County Executive or County Council may require. All matters voted upon by the Authority shall require a quorum of four (4) members of the Authority. Unless otherwise specified by State or local law, the Authority may take action by resolution with respect to all matters within its jurisdiction.

The members of the Authority and Authority shall comply with the provisions of Division 17 of Subtitle 2 of this Code with regard to conflicts of interest and ethical considerations. Members and officers of the Authority shall file financial disclosure statements pursuant to Division 17 of Subtitle 2 of this Code.

The Revenue Authority of Prince George's County may exercise all the powers and functions granted to it by State law and the Prince George's County Code regarding parking and parking facilities. The Revenue Authority may do any other and all corporate acts for the purpose of carrying out its functions regarding parking and parking facilities under State law and the Prince George's County Code.

A purpose of the Revenue Authority is to provide for the encouragement of trade and industry, the relief of conditions of unemployment, a balanced economy, the promotion of economic development through the acquisition, construction and operation of parking and related facilities for motorized and nonmotorized vehicles, and the enforcement of provisions of this Code regarding parking within Prince George's County pursuant to Subtitle 26 of the Prince George's County Code.

As used herein the term parking facilities shall mean and include any area, lot, structure, building, garage, or other means for the storage or parking of automobiles, trucks, or other motorized or nonmotorized vehicles, including vehicular and pedestrian access thereto, which may be established, constructed, erected, acquired, owned or leased, maintained, and operated by the Revenue Authority. Such term shall also mean those appurtenances such as parking meters, automatic gates, or security systems which may be acquired, owned or leased by the Revenue Authority. Any such facilities may include such space for general rental purposes as the Revenue Authority may in its discretion deem to be necessary or appropriate to be used for parking purposes. Parking facilities are hereby expressly recognized as being among the types of projects in which the Revenue Authority may engage pursuant to Section 21A-103 of this Subtitle.

On or before September 15 of each year, the Revenue Authority shall provide to the County Executive and the County Council a report of all transactions made by the Revenue Authority during the preceding fiscal year for the acquisition, operation, or alienation of any parking facility or interest therein, including any interest in the property on which the parking facility is located.

The Revenue Authority may make rules and regulations for the government and use of all land and other property or parking facilities acquired by it or under its care. It shall cause these rules and regulations to be posted on the property to which they apply. Following their promulgation, they shall be published at least two (2) consecutive weeks in the County newspapers of record, and the posting and publication shall be sufficient notice to all persons. The sworn certificate of any member of the Revenue Authority of the posting and publication shall be prima facie evidence thereof.

The Authority is authorized to assess the vehicular parking needs of the County and recommend to the County Council the establishment of specific Parking Districts. A recommendation to the County Council that a Parking District be established shall describe the metes and bounds of the proposed District and shall be accompanied by the following: An assessment of current facilities for parking within the proposed District and an assessment of current and future parking needs which could be met; A parking facilities proposal to meet the needs identified, including, but not limited to, specific structures to be erected and a time schedule for completion of the parking facilities proposed; A financial plan for funding the parking facilities proposed which may include, but need not be limited to, specific user charges proposed, any proposed intergovernmental transfer payments, an ad valorem tax rate, and any other elements of the financial plan which will generate revenues sufficient to meet principal and interest payment requirements on bond sales for the proposed parking facility and provide for operating and maintenance costs. Parking Districts shall be established by Resolution of the County Council, with the concurrence of any municipality, if applicable. The financial plan for funding parking facilities within a Parking District may be modified by legislative Act of the County Council.

The Authority shall enforce provisions of this Code regarding parking within Prince George's County pursuant to Subtitle 26 of the Prince George's County Code.