§ 7-101. Industrial revenue bond hearings.

   (a)   Definition. In this section, "enabling legislation" means the Maryland Economic Development Bond Act.

   (b)   Applicability. This section applies to each resolution relating to the authorization of the issuance by the County of bonds, notes, or other obligations under the enabling legislation.

   (c)   Public hearing. A public hearing shall be held for each resolution, and members of the public shall be afforded an opportunity, subject to the discretion of the presiding officer, to testify with respect to the resolution.

   (d)   Notice of hearing. Except as provided in subsection (e), an advertisement containing the title of each resolution and the date of a proposed public hearing to be held on the resolution shall be inserted in a newspaper of general circulation in the County once at least 14 days before a public hearing on the resolution. The date of the public hearing may be postponed from the date specified in the advertisement without the need of further advertisement of the resolution.

   (e)   Exception to notice provisions. An advertisement is not required if the resolution relates to a project or transaction that has been the subject of a previous resolution or an ordinance of the County Council relating to the issuance of bonds, notes, or other obligations under the enabling legislation, and the ordinance or resolution was advertised before the date of the public hearing, unless the new resolution involves a change in the location or scope of the facility or industrial project to be financed under the enabling legislation.

   (f)   Required information. Each resolution shall contain a provision providing that the approval of the resolution by the County Executive shall constitute the agreement by the County Executive to provide the County Council with a report to be delivered to the County Council after the issuance of any bonds, notes, or other obligations under the enabling legislation summarizing the following information:

      (1)   the name of the project;

      (2)   the name of the person contracting with the County under a loan agreement, lease agreement, or other agreement relating to the bonds, notes, or other obligations;

      (3)   the principal amount of bonds, notes, or other obligations issued by the County;

      (4)   the name of each tenant of the facility or industrial project known to exist as of the date of issuance of the bonds, notes, or other obligations;

      (5)   the purchaser of the bonds, notes, or other obligations, if available, and the underwriter or agent who arranged for the sale of the bonds, notes, or other obligations;

      (6)   the date of issuance of the bonds, notes, or other obligations;

      (7)   a description of the facility or industrial project financed by the bonds, notes or other obligations;

      (8)   the interest rate provisions for the bonds, notes, or other obligations; and

      (9)   the payment provisions and the maturity of the bonds, notes, or other obligations.

   (g)   Failure to file report. The failure to file the report required by subsection (f) does not affect:

      (1)   the validity of the bonds, notes, or other obligations issued under the enabling legislation;

      (2)   the contracts or agreements or certificates executed on behalf of the County with respect to the bonds, notes, or other obligations; or

      (3)   the validity of the authorization for the County to participate in a transaction under the enabling legislation.

   (h)   Disclosure of interested parties. A resolution providing for the authorization and issuance by the County of a series of revenue bonds shall include a disclosure of interested parties.

   (i)   Disclosure form. On introduction of a resolution for an industrial revenue bond, the following disclosure form shall be submitted to each member of the County Council:

DISCLOSURE OF INTERESTED PARTIES

   I, ____________, the President of ____________, certify that the following entity or entities are known to be involved in the ____________ Project in the capacities indicated below:

   Borrower:
   Shareholders of Borrower:
   Principal Underwriters:
   Trustee:
   Alternate Paying Agent:
   Contractor:
   Architect:
   Title Insurance:
   Feasibility Consultant:
   Project Consultant:
   Lender:
   Builder, if any:
   Partners, General and Limited, if any:
   Seller:
   Realtor:
   Officers and Directors, if any:
   Personal Guarantors, if any:
   Existing Mortgage and Holder, if any:
   Tenants:
                     _______________________________
                     (Project)

                     By:____________________________
                      (Signature)

   (j)   Unavailable information. If an item of information is not available or not applicable at the introduction of the resolution, this shall be stated on the disclosure form and made a part of the public record.

(Res. No. 38-89; Res. No. 78-96; Res. No. 8-03)