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(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.)
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.)
(a) Merit system. The Authority may establish a merit system for its employees. Upon establishment of a merit system by the Authority, the employment and tenure of all full-time employees of the Authority, except the executive officer, must be subject to the system.
(b) State retirement system. All employees of the Authority, including the executive officer, may join the State of Maryland employees retirement system in a like manner as provided for the employees of the County.
(c) Charter requirements. Members and employees of the Authority are subject to Sections 405, 406, 407, 408, 409, and 410 of the County Charter.
(d) Ethics. Members and employees of the Authority are subject to Chapter 19A.
(e) Executive Officer. The Executive Officer serves at the pleasure of the Authority, is responsible to it and receives the salary fixed by the Authority. The executive officer is the chief administrative officer of the Authority. The Authority may delegate to the Executive Officer any of its administrative powers and authorizations. The executive officer must be of good character, integrity and business experience and, during the time of employment, must have no financial interest in any facilities or projects with respect to which the Authority has jurisdiction or any power to act. (1992 L.M.C., ch. 35, § 2; 1998 L.M.C., ch. 33, § 1.)
(a) Six-year programs.
(1) Before October 1 each odd-numbered calendar year, the Authority must prepare and submit a six-year capital improvements program to the Executive. The capital improvements program must include:
(A) a statement of the objectives of the capital program and relationship of the program to the County's adopted long range development plans;
(B) recommended capital projects and a construction schedule; and
(C) an estimate of cost and a statement of all funding sources.
(2) The capital improvements program must include all capital projects and programs of the Authority, including substantial improvements and extensions of projects previously authorized. Except as otherwise authorized under this Chapter, an improvement or extension of any existing project must not be undertaken unless approved in the capital improvements program.
(3) The Executive must include the Authority's six-year program, with any recommended revisions and modifications, in the comprehensive six-year program submitted to the Council under Section 302 of the County Charter.
(4) The Council must adopt a six-year capital improvements program for the Authority as a part of the County's comprehensive six-year program. The Council may amend the program. Any amendment must not become final until it is submitted to the Authority for written comment on at least 30 days notice.
(5) The capital budget of the Authority for the succeeding fiscal year includes projects in the first year of the six-year capital program. A capital project must not be undertaken unless it is approved in the capital program or otherwise authorized under this Chapter.
(b) Notice of proposed project; rejection by Executive.
(1) Before a project starts, the Authority must advise the Executive in writing of its intention to begin the project, outlining the nature and the estimated cost of the project.
(2) The Executive must notify the Authority of any rejection of the project, including reasons for the rejection. The Executive's notice of rejection must be in writing and delivered to the Authority within 60 days after the Executive receives notice of the project from the Authority.
(3) If the Executive rejects the project, the Authority must not proceed with construction or operation of the project, nor issue any bonds for the project.
(4) If the Executive approves the project, or does not reject the project within 60 days after the Authority's notice, the Authority may proceed with construction or operation of the project.
(c) Threshold. Notwithstanding other requirements of this Section, the Authority may make an improvement to an existing project without inclusion in the six-year capital improvements program or approval of the Executive if the cost of the improvement does not exceed $50,000. (1992 L.M.C., ch. 35, § 2; 1998 L.M.C., ch. 33, § 1.)
Unless otherwise provided by law, plans and specifications for Authority projects for use by the County must be approved by the Executive or designee before the Authority may proceed with any procurement for construction or operation of the project. (1992 L.M.C., ch. 35, § 2.)
(a) The Executive may:
(1) convey to the Authority title to any lands, streets, alleys, buildings, facilities, or other public places, on payment to the County of the reasonable value of the properties as determined by the Authority and the Executive, with the approval of the Council. Payment may be in cash or in bonds of the Authority at par value; and
(2) assign to the Authority any rates, rents, fees, or charges owed to the County to provide additional security for any revenue bonds or for other purposes the Authority and the County may agree.
(b) In addition to advances authorized by Section 42-19, the Council may advance County general funds to the Authority for expenses for investigations, engineering and architectural studies, opinions, and compensation of employees and counsel which may be incurred before the sale of its revenue bonds. These advances must be repaid out of the first proceeds of the sale of revenue bonds by the Authority after the advance. (1992 L.M.C., ch. 35, § 2.)
(a) The Authority may provide by resolution for the issuance of negotiable revenue bonds to pay all or part of the cost or purchase price of one or more projects. The resolution authorizing the issuance of revenue bonds, or the trust indenture, must state the estimated cost or purchase price of the project or projects involved. The revenue bonds must be issued in amounts stated in the resolution.
(b) The principal and interest of revenue bonds must be paid solely from the funds and revenues received by the Authority. No tax, excise or special assessment, except as authorized by this Chapter, may be levied to pay such principal and interest.
(c) The revenue bonds of each issue must be dated, must bear interest at a rate not exceeding the maximum legal rate per annum permitted by law, payable semi-annually, and must mature at such time or times, not exceeding 50 years from their date or dates, as determined by the Authority. The bonds of each issue may be made redeemable before maturity at the option of the Authority at such price or prices and under terms and conditions as may be fixed by the Authority before the issuance of the bonds. The Authority must determine the form of the bonds, including any interest coupons to be attached, and must fix the denomination or denominations of the bonds and the place or places of payment of principal and interest which may be at any bank or trust company within or outside the State. The payment of principal and interest of the bonds may be made in any lawful medium. The Authority must determine the manner of executing the bonds and the manner of executing any interest coupons attached. Execution of these instruments may be by facsimile signature of the chairperson or an authorized member of the Authority. The official seal of the Authority must be affixed to the bonds and they must be attested by the secretary of the Authority. If any officer whose signature appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, the signature of that officer remains valid and sufficient for all purposes, as if that officer had remained in office until delivery.
(d) All revenue bonds issued under this Chapter are negotiable instruments under the negotiable instruments law of this State.
(e) The revenue bonds may be issued in coupon or in registered form, or both, as the Authority may determine. The Authority may provide for the:
(1) registration of any coupon revenue bonds for principal alone, or both principal and interest; and
(2) reconversion into coupon revenue bonds of any revenue bonds registered for both principal and interest.
(f) The Authority may sell revenue bonds in such manner, either at public or private sale, and for such price, as it determines in the best interests of the Authority. However, the sale must not be made at a price so low that requires the payment of interest on the money received at more than the maximum legal rate per annum permitted by law, computed with relation to the absolute maturity of the bonds under standard tables of bond values, excluding, however, from such computation, the amount of any premium to be paid on redemption of any revenue bonds before maturity.
(g) The provisions of Sections 9 to 11, inclusive, of Article 31 of the Annotated Code of Maryland, 1957, as amended, do not apply to the revenue bonds issued by the Authority.
(h) The proceeds of the revenue bonds of each issue must be used solely for the payment of the cost of the project or projects for which the bonds have been issued. The proceeds must be distributed in the same manner and under the restrictions, if any, stated in the resolution of the Authority authorizing the issuance of the bonds, or in any trust agreement securing the bonds. If the proceeds of the bonds of any issue are less than the cost of a project or projects, additional bonds may be issued in the same manner to fund the amount of the deficit. Unless otherwise provided in the resolution authorizing the issuance of the bonds, or in the trust agreement securing the bonds, these additional bonds are considered to be of the same issue and are entitled to payment from the same funds, without preference or priority of the bonds first issued. If the proceeds of the bond of any issue exceed the cost of the project or projects for which the bond is issued, the surplus must be deposited into the sinking fund provided under this Chapter for the payment of principal of and interest on the revenue bonds.
(i) Before definitive revenue bonds are prepared, the Authority may, under similar restrictions, issue interim receipts or temporary bonds, with or without coupons, to be exchanged for definitive bonds when the bonds are executed and are available for delivery. The Authority may also provide, by resolution, for the replacement of any bonds which are mutilated, destroyed, or lost.
(j) The revenue bonds of the Authority may be issued without an election referendum or any other proceedings or the occurrence of any other conditions or events; only those proceedings, conditions or events which are specified and required by this Chapter apply to these bonds, and they are in all respects exempt from other provisions of the County Charter or County laws.
(k) The Authority may provide by resolution for the issuance of revenue refunding bonds to refund any revenue bonds then outstanding and issued under this Chapter. The issuance of revenue refunding bonds, including the maturities and other details, the rights of the holders, and the duties of the Authority, are controlled by this Chapter to the extent applicable.
(l) The Authority may provide by resolution for a single issue of its revenue bonds for the combined purposes of:
(1) paying the cost of any improvement, extension, enlargement, or reconstruction of any of its existing projects; and
(2) refunding its outstanding revenue bonds which may have been issued for the project if the bonds have matured, are subject to redemption, or can otherwise be acquired for retirement.
(m) Only fees, rents, tolls, charges, and revenues received from the use of the project or projects constructed from the proceeds of the bonds may be used or appropriated for the payment of interest or principal of such bonds; except that before and during construction and for one year after the completion of the construction of any project for which revenue bonds have been issued, the interest on the bonds may be paid out of the proceeds from the sale of the bonds. (1992 L.M.C., ch. 35, § 2.)
A resolution authorizing the issuance of any revenue bonds may contain provisions which are part of the contract with the holders of the bonds, and may include:
(a) a statement that the revenues received or to be received from the project or projects financed from the proceeds of any issue of revenue bonds can not be used to service any other revenue bonds issued to finance the cost of any other project;
(b) subject to the provisions of subsection (a), a pledge of the full faith and credit of the Authority (but not of the County or the State or any political subdivision) for such obligations;
(c) a statement describing the construction, improvement, operation, extension, enlargement, equipping, furnishing, maintenance, and repair of any project, and the duties of the Authority with respect to the project;
(d) the terms and provisions of the bonds;
(e) any limitations on the purposes to which the proceeds of the bonds then or thereafter to be issued, or of any loan or grant by the United States or the State, may be applied;
(f) a description of rate of tolls, rents and other charges for the use of the project or the facility of the Authority, or for the services rendered by the Authority, including limitations on the power of the Authority to modify any lease or other agreement under which any tolls, rents, or other charges are payable;
(g) the establishment of reserves or sinking funds, including the regulation and disposition of the funds;
(h) a description of any limitations on the issuance of additional bonds;
(i) the terms of any deed of trust or indenture securing the bonds or otherwise relating to the bonds; and
(j) a description of any other agreement with holders of the bonds. (1992 L.M.C., ch. 35, § 2.)
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