{"data":{"id":"us-md/md.-code-local-government-18-114","jurisdiction":"us-md","citation":"Md. Code, Local Government § 18–114","heading":"","body":"(a) To carry out the purposes of this subtitle, an authority may issue\nrevenue bonds to finance the cost of:\n(1) acquiring property; or\n(2) establishing, constructing, altering, improving, or equipping a\nfacility.\n(b) Each bond issue shall be authorized by a resolution approved by a vote\nof at least four members of the authority.\n(c) An authority shall determine that a bond issue is necessary to achieve\none or more of the authority’s purposes before issuing bonds under this section.\n(d) The resolution authorizing the bond issue shall include:\n(1) the determination that a bond issue is necessary;\n(2) a statement that the authority will acquire the vehicle parking\nfacility or related project in accordance with this subtitle and local law;\n(3) a determination of the probable useful life of the project or\naverage probable useful life of the projects to be financed;\n(4) an estimate of the cost of the project to be financed and the portion\nto be defrayed from any sources that shall be specifically named, other than the\nproposed bond issue;\n(5) the procedure for the sale of the proposed bond issue;\n(6) a description sufficient for purposes of identification of each of the\nprojects to be financed by the bond issue; and\n(7) a finding that the amount of the proposed bond issue is sufficient\nto complete at least a useful portion of each project to be financed.\n(e) Notwithstanding any other provision of the Code or any recitals of the\nbond, the bonds are negotiable instruments.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=18-114","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"89e374267794a988889dd1470b567f1ac6532aaa64874395f8183fc99113bc49","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-18-113","next":"us-md/md.-code-local-government-18-115"},"notice":"GroundRules: Original legal text. Not legal advice."}