Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Maryland Code, Local Government § 1-1106 - last updated January 01, 2025 | https://codes.findlaw.com/md/local-government/md-code-local-govt-sect-1-1106/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)