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.