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§ 19-605. Authorizing resolution

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

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 6. Creation of Public Debt--Public Schools (Refs & Annos)
Part I. Public Schools--in General (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-605
Formerly cited as MD CODE, Art. 31, § 33
§ 19-605. Authorizing resolution
Currentness
Required
(a) The notes shall be authorized by a resolution.
Required provisions
(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.
Permissible provisions
(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.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-605, MD LOCAL GOVT § 19-605
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