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§ 1-1106. Bonds--General authority

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 11. Clean Energy Loan Programs (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 1-1106
Formerly cited as MD CODE, Art. 24, § 9-1503
§ 1-1106. Bonds--General authority
Currentness
Authority to issue
(a) A county or municipality may issue bonds to finance loans made through a program.
Ordinance or resolution required
(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.
Options for bond specifications
(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.
Optional bond specifications
(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.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 1-1106, MD LOCAL GOVT § 1-1106
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document