Sec. 42-1. Title.

   This Chapter is known and may be cited as the "Montgomery County Revenue Authority Law." (1992 L.M.C., ch. 35, § 2.)

Sec. 42-2. Definitions.

   (a)   Authority means the Montgomery County Revenue Authority.

   (b)   Bonds or revenue bonds mean revenue bonds, notes, certificates, or other evidence of indebtedness or obligation which the Authority is authorized to issue under this Chapter or under Chapter 446 of the 1957 Laws of Maryland, as amended.

   (c)   Construction includes acquisition.

   (d)   "Cost of the project" or "cost of the facility" includes the cost of:

      (1)   all land, property, rights, easements and franchises necessary to construct and place any project or facility in operation;

      (2)   all labor, materials, machinery and equipment, financing charges, interest before and during construction and for one year after completion of construction;

      (3)   engineering, architectural and legal services, plans, specifications, surveys, estimates of cost and revenues, other expenses of determining the feasibility or practicability of construction; and

      (4)   administrative expenses and other expenses of the financing authorized under this Chapter.

   (e)   Council means the County Council of Montgomery County, Maryland.

   (f)   County means Montgomery County, Maryland.

   (g)   Equipment or furnishings includes any equipment and furnishings, and their installation, as required by the lessee for use of a project.

   (h)   Executive means the County Executive of Montgomery County, Maryland.

   (i)   Federal agency means the United States of America, the President of the United States of America, and any department of or corporation, agency, or instrumentality created, designated, or established by the United States of America.

   (j)   Improvement includes extension or enlargement of a facility or project.

   (k)   Parking facility means any area, lot, structure, building, garage, or vehicle which may be established, constructed, acquired, owned, leased, maintained, or operated by the Authority. Parking facility also means parking meters which may be acquired, owned or leased by the Authority. Parking facilities may include space for general rental purposes as the Authority considers necessary or appropriate.

   (l)   Person means any individual, corporation, partnership, association, joint venture, trust, public body, or organization of any kind, and any trustee, successor, assignee, transferee, or personal representative.

   (m)   Project means any structure, facility, or undertaking or any combination of them of a similar class or character which the Authority is authorized to construct, improve, equip, furnish, maintain, acquire, or operate under this Chapter.

   (n)   State means the State of Maryland. (1992 L.M.C., ch. 35, § 2.)   

Sec. 42-3. Creation; Composition; Appointment; Terms and Qualifications; Chair.

   (a)   The Montgomery County Revenue Authority is established as a body corporate and politic, and is an instrumentality of the County and a public corporation. The Authority is a continuous body with the Montgomery County Revenue Authority established under Chapter 446 of the 1957 Laws of Maryland, as amended.

   (b)   The Authority has 5 voting members appointed by the Executive and confirmed by the Council. In addition, the Chief Administrative Officer, or the Chief Administrative Officer’s designee, serves as an ex-officio, non-voting member. Each voting member must reside in Montgomery County.

   (c)   Each member of the Authority must be a person of ability, experience, and integrity, and must not be selected based on a special interest.

   (d)   The term of a voting member is 5 years, and the term of one member expires each year. Each member is eligible for reappointment.

   (e)   The Executive must designate the chair of the Authority. (1992 L.M.C., ch. 35, § 2; 1998 L.M.C., ch. 33, § 1.)   

Sec. 42-4. Purpose.

   The Authority is created to construct, improve, equip, furnish, maintain, acquire, operate, and finance projects to be devoted wholly or partially for public uses, good or general welfare. These projects include:

   (a)   projects to stimulate employment or economic growth in the County;

   (b)   airports and landing fields;

   (c)   public housing projects;

   (d)   housing for special age groups;

   (e)   health and welfare facilities, including hospitals and sanatoria;

   (f)   bridges, toll bridges, and tunnels;

   (g)   parks, swimming pools, golf courses, tennis courts, arenas, stadiums, and recreational facilities;

   (h)   dams, impounding basins, and flood control, water supply, and sewerage disposal projects;

   (i)   parking facilities;

   (j)   highways, parkways, traffic distribution centers, and related facilities;

   (k)   public transportation facilities and systems;

   (l)   other land and buildings to be occupied by governmental or educational agencies; and

   (m)   other projects authorized under the capital improvements program or by resolution adopted by the Council and approved by the Executive. (1992 L.M.C., ch. 35, § 2.)

Sec. 42-5. Secretary-treasurer.

   (a)   The members of the Authority must elect a secretary-treasurer who may or may not be a member of the Authority.

   (b)   Before the Authority issues any revenue bonds under this Chapter, the secretary-

treasurer of the Authority must execute a surety bond in an amount set by the Authority, with the consent of the Executive or designee. The surety bond must be conditioned

upon the faithful performance of the duties of the office of secretary-treasurer by the secretary-treasurer. This surety bond must be issued by a surety company authorized to transact business in the State as surety and must be approved by the County Attorney. The surety bond should be filed with the Director of Finance. The Authority must pay the bond premium. (1992 L.M.C., ch. 35, § 2.)

Sec. 42-6. Compensation of members.

   The members of the Authority serve without compensation. They may be reimbursed for actual expenses incurred in performing their duties. Any reimbursement must be paid from funds received by the Authority under this Chapter. (1992 L.M.C., ch. 35, § 2; 1995 L.M.C., ch. 21, § 1.)

Sec. 42-7. Oath of members.

   Each member of the Authority must take a constitutional oath of office before the Clerk of the Circuit Court for Montgomery County or other person authorized by law to administer oaths. The record of the oath must be filed with the Clerk of the Circuit Court. (1992 L.M.C., ch. 35, § 2.)

Sec. 42-8. Removal of members.

   A voting member of the Authority may be removed by the Executive with the approval of the Council for misfeasance, malfeasance or willful neglect of duty, after reasonable notice and a public hearing unless either notice or a hearing are expressly waived in writing by the member. Any voting member of the Authority who is absent from 25 percent or more of the scheduled meetings or hearings during any one-year period has resigned by operation of law. A scheduled meeting or hearing for this purpose means a meeting or hearing for which at least 7 days advance notice was given. This resignation becomes effective 30 days after notice is forwarded to the Executive. The Chair of the Authority must notify the Executive of any member who has so resigned within 30 days after the resignation and must include in the notification any known extenuating circumstances. The Chair must also send notice to all members of the Authority. The Executive may waive the resignation for good cause such as illness, emergency situations or other extenuating circumstances. The affected member must be notified in writing by the Authority whether a waiver is granted. If a waiver is not granted, a successor must be appointed to complete the unexpired term in the manner prescribed by law. Votes or other actions by the Authority are not affected by the removal or resignation of a member under this Section. (1992 L.M.C., ch. 35, § 2; 1998 L.M.C., ch. 33, § 1.)