§ 12-302

Maryland § 12-302

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 12

Text

(a) To issue a bond, a political subdivision shall adopt an ordinance or resolution that:

(1) describes the proposed undertaking to be financed by the bond proceeds;

(2) requires compliance with § 12-303 of this subtitle before the bond is issued; and

(3) specifies the maximum principal amount of the bond.

(b) As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:

(1) specify the items listed in subsection (c) of this section;

(2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or

(3) authorize the chief executive of the political subdivision to specify those items by executive order.

(c) For each issuance of a bond, the political subdivision 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 actions taken to comply with § 12-307 of this subtitle;

(9) the purposes for which proceeds may be spent;

(10) the source of security; and

(11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.