HARRY HUGHES, Governor

1997

(4) Otherwise participate fully in the
provisions of this subtitle.

(b) A public body may borrow money under this section
in the form of a bond issue. Borrowing by a public body
under this section is not subject to §§ 9, 10, OR 11[, 12,
or 24] of Article 31 of the Code. A public body may not
pledge its faith and credit in support of any loan made OR
BONDS ISSUED under this subtitle.

13-141.

(a)  In this section, "resolution" means:

(1)  As to a political subdivision, an ordinance
or resolution adopted by the legislative body of the
political subdivision;

(2)  As to an industrial development authority, a
resolution adopted by the board of directors of the
industrial development authority; and

(3)  As to the State Aviation Administration,
written approval by the State Secretary of Transportation.

(b)  Except as provided in § 13-142 of this subtitle, a
public body may take action under § 13-140 of the subtitle
only after it has adopted a resolution authorizing that
action.

(c)   [The] EXCEPT AS PROVIDED IN § 13-150 OF THIS
SUBTITLE, THE resolution of the public body shall:

(1)  Specify the proposed undertaking, the amount
of money to be borrowed, and the maximum rate of interest to
be paid; and

(2)  Provide that the funds borrowed by the
public body are used in connection with a bona fide
industrial project under this subtitle as evidenced by a
letter of intent or similar agreement between the
prospective industrial project applicant and the public
body.

(d)  A resolution adopted under this [section] SUBTITLE
is administrative in nature, IS NOT SUBJECT TO PROCEDURES
REQUIRED FOR LEGISLATIVE ACTS, and is not subject to
referendum.

13-142.

If, under a power granted to it other than by this
subtitle, a public body acquires all or any part of an
industrial project and incurs costs relating to it before
Authority approval of the loan OR THE ISSUANCE OF BONDS:

(1) The public body may participate fully in the
provisions of this subtitle as to that project;