1. (a) To carry out the purposes of this subtitle, an authority may issue revenue bonds to finance the cost of:

   1. (1) acquiring property; or
   2. (2) establishing, constructing, altering, improving, or equipping a facility.
2. (b) Each bond issue shall be authorized by a resolution approved by a vote of at least four members of the authority.
3. (c) An authority shall determine that a bond issue is necessary to achieve one or more of the authority's purposes before issuing bonds under this section.

4. (d) The resolution authorizing the bond issue shall include:

   1. (1) the determination that a bond issue is necessary;
   2. (2) a statement that the authority will acquire the vehicle parking facility or related project in accordance with this subtitle and local law;
   3. (3) a determination of the probable useful life of the project or average probable useful life of the projects to be financed;
   4. (4) an estimate of the cost of the project to be financed and the portion to be defrayed from any sources that shall be specifically named, other than the proposed bond issue;
   5. (5) the procedure for the sale of the proposed bond issue;
   6. (6) a description sufficient for purposes of identification of each of the projects to be financed by the bond issue; and
   7. (7) a finding that the amount of the proposed bond issue is sufficient to complete at least a useful portion of each project to be financed.
5. (e) Notwithstanding any other provision of the Code or any recitals of the bond, the bonds are negotiable instruments.

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Amended by Acts 2015, c. 181, § 1, eff. Oct. 1, 2015.