§ 1-1106
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/md/local-government/1-1106A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§1–1106.
(a)A county or municipality may issue bonds to finance loans made through a program.
(b)To issue a bond, a county or municipality shall adopt an ordinance or a resolution that specifies the maximum principal amount of the bond.
(c)In the ordinance or resolution, the county or municipality may:
(1)specify the items listed in subsection
(d)of this section;
(2)authorize the finance board of the county or municipality to specify those items by ordinance or resolution; or
(3)authorize the chief executive to specify those items by executive order.
(d)For each issuance of a bond, the county or municipality may specify:
(1)the principal amount;
(2)the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;
(3)the manner and terms of sale, including whether by competitive or negotiated sale;
(4)the time of execution, issuance, and delivery;
(5)the form and denomination;
(6)the source, manner, times, and places to pay principal or interest;
(7)conditions for redemption before maturity;
(8)the purposes for which proceeds may be spent;
(9)the source of security; and
(10)other provisions that are necessary or desirable to effect the program.