In this subtitle the following words have the meanings indicated. “Bond” means a bond, note, or other similar instrument that a political subdivision issues under this subtitle. “Chief executive” means the president, chair, mayor, county executive, or any other chief executive officer of a political subdivision. “Designated blighted area” means an area designated under § 12-303 of this subtitle. “Financed area” means the geographic portion of a designated blighted area for which the proceeds of a bond are to be used under § 12-303 of this subtitle. “Political subdivision” means a county or municipal corporation.