§ 19-605

181 words·~1 min read·/md/local-government/19-605

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§19–605.

(a)The notes shall be authorized by a resolution.

(b)The authorizing resolution shall:

(1)cite the authority to issue the notes and the amount authorized; and

(2)specify:

(i)the maturity;

(ii)the interest rate or manner of determining the rate, which may include a variable rate;

(iii)1. the price at which the notes will be sold, which may be at, above, or below the face value of the notes; or

2. the manner of determining the price at which the notes will be sold;

(iv)the manner of the sale of the notes, which may be by private negotiation by the county with a prospective purchaser, if determined by the county to be in the county’s best interest;

(v)the terms or conditions, if any, under which notes may or shall be redeemed prior to their stated maturity; and

(vi)other terms on the notes.

(c)The authorizing resolution may provide for:

(1)the issuance of the notes in series, as money is required; and

(2)the renewal of the notes at maturity, with or without resale.