(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 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.
Maryland Legal Code