§ 18–114
Statutes in effect as of October 1, 2026.
Md. Code Ann., Local Gov't § 18-114 (2026)
Title 18. Local Economic Development
Subtitle 1. Parking Authorities Act
§ 18–114LinkCopy Citation
(a)
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)
Each bond issue shall be authorized by a resolution approved by a vote of at least four members of the authority.
(c)
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)
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)
Notwithstanding any other provision of the Code or any recitals of the bond, the bonds are negotiable instruments.