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.)

Sec. 42-9. Quorum; Meetings.

   Three voting members of the Authority are a quorum. A vacancy in the Authority does not impair the right of a quorum to exercise all of the rights or perform all of the duties of the Authority.

   The Authority must hold its meetings in a room that will hold a reasonable number of members of the public, and must (except in an emergency) give at least 3 days' advance written notice of each meeting to those members of the public who have asked in writing to receive notice. (1992 L.M.C., ch. 35, § 2; 1998 L.M.C., ch. 33, § 1.)

Sec. 42-9A. Annual report; publication of budget.

   (a)   The Authority must publish and make available to the public each year an annual report that summarizes its activities during the preceding fiscal year and its future plans in a non-technical, readable format.

   (b)   The Authority must publish and make available to the public each year, not later than May 1, its proposed annual operating budget for the next fiscal year. (1998 L.M.C., ch. 33, § 1.)

Sec. 42-10. Powers.

   The Authority may exercise all powers necessary or convenient for carrying out its purposes.

   These powers include:

   (a)   perpetual existence as a corporation;

   (b)   rights to sue and be sued, to implead and be impleaded, to complain and defend in all courts;

   (c)   power to adopt, use, and alter at will a corporate seal;

   (d)   power to acquire, purchase, hold, and use any property, real, personal, or mixed, tangible or intangible, or any interest necessary or desirable for carrying out the purposes of the Authority;

   (e)   power to lease as lessee any property, real, personal or mixed, or any interest in property, for a term not exceeding 99 years at a nominal or other rent;

   (f)   power to lease as lessor to any person, any project at any time constructed by the Authority, whether wholly or partially completed, and any property, real, personal or mixed, tangible or intangible, or any interest in property, at any time acquired by the Authority, whether wholly or partially completed;

   (g)   power to sell or otherwise transfer to the County any project at any time constructed by the Authority, and any property, real, personal or mixed, tangible or intangible, or any interest in property, at any time acquired by the Authority;

   (h)   power to acquire by purchase, lease or otherwise hold and to construct, improve, equip, furnish, maintain, repair and operate projects;

   (i)   power to appoint officers, attorneys, accountants, agents, and employees; to prescribe their duties and to fix their compensation; and to provide a merit system for its employees;

   (j)   power to appoint an executive officer;

   (k)   power to make bylaws for the management and regulation of its affairs;

   (l)   power to fix, charge, and collect tolls, rates, rents, and other charges for the use of the facilities of, or for the services rendered by, the Authority or its projects, at reasonable rates, to be determined by the Authority to:

      (1)   pay the expenses of the Authority;

      (2)   construct, improve, repair, equip, furnish, maintain, and operate its facilities and projects;

      (3)   pay the principal and interest on its bonds and obligations; and

      (4)   fulfill the terms of any agreements with the purchasers or holders of its bonds or obligations;

   (m)   power to borrow money and issue negotiable revenue bonds, on a taxable or tax exempt basis, and to secure the payment of such bonds, or any part thereof, by pledge or indenture of trust of all or any part of its revenues, rents and receipts. The Authority may issue bonds on behalf of the County for the public purposes of the County;

   (n)   power to make contracts of every kind and to execute all instruments necessary or convenient to carry on its business;

   (o)   power to borrow money and accept grants from, and to enter into contracts, leases, or other transactions with, any federal or state agency;

   (p)   power to acquire in its own name, by condemnation under the State condemnation law, real property, rights, or easements, franchises, and licenses convenient for its corporate purposes. However, the Authority is under no obligation to accept and pay for any property condemned under this Chapter except from the funds provided to the Authority under this Chapter. In any proceeding to condemn property, the Court may enter such orders as may be just to the Authority and to the owner of the property to be condemned. Property owned by the County, or by any County agency, or property of the State, may not be acquired by the Authority by purchase or condemnation without the prior consent of the Executive or the Board of Public Works of the State, as applicable;

   (q)   power to pledge, hypothecate or otherwise encumber revenues or receipts of the Authority as security for obligations of the Authority;

   (r)   power to do all acts and things necessary or convenient to carry out the powers granted to it under this Chapter or any other law, resolution, or regulation;

   (s)   power to enter into agreements with the State Highway Administration or any other public body providing for the construction or reconstruction of highways and bridges by the Authority, if necessary for the acquisition or construction of toll bridges or roads by the Authority;

   (t)   power to acquire, by assignment from the State or the County, contracts which are not completed and which involve constructing, improving, equipping, furnishing, maintaining, and operating structures, facilities, or undertakings similar to those designated as projects; and

   (u)   power to convey to the County all of its right, title and interest in any project if the revenue bonds or revenue refunding bonds issued under this Chapter to provide the funds for the cost of a project or to secure funding for other projects has been paid and retired. (1992 L.M.C., ch. 35, § 2.)