(a) The County Council must designate, by resolution approved by the County Executive, a single nonprofit corporation which complies with all requirements and criteria of this Article as the County’s Green Bank. If the Executive disapproves the resolution within 10 days after receiving it, the Council may readopt the resolution with at least 6 affirmative votes.
(b) (1) Except as provided in (b)(2), any designation under this Section expires at the end of the fifth full fiscal year after the resolution is adopted unless the Council extends the designation by adopting another resolution under this Section.
(2) If the Council President does not notify the Chair of the designated Bank’s Board of Directors, not later than June 30 of the fourth full fiscal year of the designation term, that the Council may allow the current designation to expire, the designation is automatically extended for another 5-year term.
(c) The Council at any time may suspend or revoke the designation of a corporation as the County’s Green Bank by resolution, adopted after at least 15 days public notice, that is approved by the Executive, or, if the Executive disapproves the resolution within 10 days after receiving it, is readopted by a vote of at least 6 Councilmembers.
(d) To continue to qualify as the County’s Green Bank, a corporation’s articles of incorporation and bylaws must comply with all requirements of this Article.
(e) This Section may not be construed to prevent the corporation designated as the County’s Green Bank from:
(1) undertaking, during its designation, the following activities that may mature after the designation expires:
(A) assuming liability as guarantor, endorser, or acceptor of obligations; and
(B) issuing for purchase its notes, debentures, bonds, or other obligations; or
(2) continuing as a corporation and exercising any of its functions after expiration of its designation for purposes of orderly liquidation, including the administration of its assets and the collection of any obligations held by the corporation in its capacity as the County’s Green Bank. (2015 L.M.C., ch. 35, § 1; 2016 L.M.C., ch. 28, §1.)