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Maryland Code, Local Government § 19-605

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The notes shall be authorized by a resolution.

(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.

(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.

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Cite this article: FindLaw.com - Maryland Code, Local Government § 19-605 - last updated January 01, 2025 | https://codes.findlaw.com/md/local-government/md-code-local-govt-sect-19-605/

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