§ 3-8A-112. Bond transactions.
   (a)   Resolution required. For each issue of its bonds, the Resilience Authority shall adopt a resolution that:
      (1)   specifies and describes the resilience infrastructure being financed;
      (2)   generally describes the public purpose to be served;
      (3)   describes the financing transaction;
      (4)   specifies the maximum principal amount of the bonds that may be issued; and
      (5)   imposes terms or conditions on the issuance and sale of bonds it considers appropriate.
   (b)   Resolution permitted. The Resilience Authority, by corporate resolution, may:
      (1)   specify, determine, prescribe, and approve matters, documents, and procedures that relate to the authorization, sale, security, issuance, delivery, and payment of and for the bonds;
      (2)   create security for the bonds;
      (3)   provide for the administration of bond issues through trust or other agreements with a bank or trust company that cover a countersignature on a bond, the delivery of a bond, or the security for a bond; and
      (4)   take other action it considers appropriate concerning the bonds.
   (c)   Contracts. A contract for a resilience infrastructure project may include the requirement for surety and labor and material bonds.
   (d)   Conclusiveness. A finding by the County Council, the City Council, or the Board of Directors of the Resilience Authority as to the public purpose of an action taken under this title, and the appropriateness of that action to serve the public purpose, is conclusive in a proceeding involving the validity or enforceability of a bond or security for a bond issued under this title.
(Bill No. 31-21)