LegalFix
Sign In

§ 1-1106. Bonds -- General authority

MD Local Gov Code § 1-1106 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(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.

Previous Section
§ 1-1105. Surcharge required
Next Section
§ 1-1107. Bonds -- Intent; procedures; restrictions