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.