(a) Prohibition. Except as provided in this section, the County may not pledge its credit, commit its taxing power, obligate the County in any manner for the payment of bonded or other debt, or make a commitment for future payment of County funds in any agreement relating to or arising from:
(1) the issuance of economic development revenue bonds, industrial revenue bonds, and other private activity bonds by the County on behalf of private entities;
(2) the issuance of private activity bonds by qualified volunteer fire companies;
(3) the issuance of bonds by the Maryland Economic Development Corporation, the Maryland Industrial Development Financing Authority, or similar entities; or
(4) the facilities, equipment, or activities funded by the proceeds of the bonds described in subsections (a)(1), (a)(2) and (a)(3).
(b) Approval by ordinance. An agreement binding the County to any obligation within the scope of subsection (a), or binding a County Executive to seek an appropriation to fund any obligation within the scope of subsection (a), shall be approved by ordinance of the County Council and, until unless so approved, shall have no legal force or effect. The approval may take the form of an ordinance that authorizes the County Executive to execute an agreement under such terms and conditions as the County Council may specify in the ordinance or that ratifies an agreement after execution by the County Executive.
(1985 Code, Art. 6, § 9-302) (Bill No. 61-04)