(a) Generally. The Authority may provide by resolution for the issuance of negotiable, taxable, and tax-exempt bonds to pay all or part of the cost or purchase price of one or more projects or to refund outstanding bonds. The resolution authorizing the bonds shall specify, in general detail, the project to be financed or refinanced with the proceeds of the bonds.
(b) Specifications. The resolution authorizing the bonds may specify and prescribe, or may authorize the Chair of the Authority or other designated member of the Authority, by order, to specify and prescribe any of the following, as the Chair or the member considers appropriate, to effect the financing or refinancing of the project:
(1) the actual principal amount of the bonds to be issued;
(2) the actual rate or rates of interest the bonds are to bear;
(3) the manner in which and the terms on which the bonds are to be sold, that may be at public sale or private negotiated sale at a price at, above, or below par;
(4) the time or times that the bonds may be executed, issued, and delivered;
(5) the form and tenor of the bonds and the denominations in which the bonds may be issued and the manner in which the bonds are to be executed;
(6) the manner in which and the times and places that the principal of and interest on the bonds are to be paid;
(7) the provisions under which any or all of the bonds may be called for redemption prior to their stated maturity dates;
(8) the terms and provisions of any trust indenture, assignment, mortgage, deed of trust, guaranty, security instrument, general or standby letter of credit, revolving credit facility, repurchase agreement, escrow agreement, or other instrument executed and delivered in connection with the issuance and sale of the bonds, the securing of the bonds, the marketing or remarketing of the bonds, or the accomplishment of the purpose or purposes of the financing or refinancing, and, where applicable, the manner of execution of the instrument on behalf of the Authority;
(9) the establishment of any debt service reserve fund, depreciation fund, bond fund, or other similar fund with respect to the bonds;
(10) the terms and provisions of any covenant of the Authority with regard to rates, fees, rents, or charges of the Authority;
(11) the terms and provisions of any bond insurance, letter of credit, or other credit enhancement of the bonds;
(12) any limitations on the issuance of additional bonds;
(13) in the case of the issuance of refunding bonds, the plan of refinancing;
(14) the identity of any trustee, paying agent, registrar, or escrow agent in connection with the issuance, sale, and delivery of the bonds;
(15) the identity of any investment banker, underwriter, placement agent or other broker to be employed by or on behalf of the Authority in connection with the issuance, sale, and delivery of the bonds and the form of any preliminary and final official statement issued in connection with any public offering of the bonds or any offering memorandum or other official information or document prepared in connection with any private placement of the bonds; the date, time and place when any purchasing agreement or proposal shall be submitted for the bonds, the terms or provisions of the agreement or proposal, and any other matters as the underwriters, investment bankers, or other placement agents employed in connection with the issuance of the bonds may request; and
(16) any other provision consistent with this title and other applicable law as determined by the Authority to be necessary or desirable to effect the financing or refinancing of the project.
(c) Compliance with law. The authorizing resolution and the bonds authorized by the resolution shall fully comply with the requirements of this title.
(d) Issuance. The bonds may be issued without an election referendum or any other proceedings or the occurrence of any other events.
(1985 Code, Art. 2, § 11-212) (Bill No. 28-97)