Maryland Statutes
Subtitle 3 - Redevelopment Bonds
Section 12-302 - Ordinance or Resolution

(a)    To issue a bond, a political subdivision shall adopt an ordinance or resolution that:
        (1)    describes the proposed undertaking to be financed by the bond proceeds;
        (2)    requires compliance with § 12-303 of this subtitle before the bond is issued; and
        (3)    specifies the maximum principal amount of the bond.
    (b)    As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:
        (1)    specify the items listed in subsection (c) of this section;
        (2)    authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or
        (3)    authorize the chief executive of the political subdivision to specify those items by executive order.
    (c)    For each issuance of a bond, the political subdivision 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 actions taken to comply with § 12-307 of this subtitle;
        (9)    the purposes for which proceeds may be spent;
        (10)    the source of security; and
        (11)    other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.