Maryland Statutes
Subtitle 16 - Residential Mortgage Programs for Certain Counties
Section 4-1606 - Ordinance or Resolution to Issue Bonds

(a)    The legislative body of a covered county that undertakes a program shall adopt an ordinance or resolution that specifies:
        (1)    the proposed program;
        (2)    the amount of bonds to be issued;
        (3)    the interest rate or rates that the bonds will bear or the method to determine the rate or rates; and
        (4)    other provisions consistent with this subtitle that the legislative body considers appropriate to finance mortgage loans.
    (b)    An ordinance or resolution that authorizes the issuance of bonds shall include findings about:
        (1)    the appropriate ranges of income of families of low or moderate income;
        (2)    the need for the financing that is allowed under this subtitle;
        (3)    the types of housing available and needed in the covered county; and
        (4)    other factors that the legislative body of the covered county finds appropriate to establish a program.
    (c)    A finding by the legislative body of a covered county about the qualification of an individual or family as a family of low or moderate income, or about any other matter connected with a program is conclusive in a suit, action, or proceeding that involves the validity or enforceability of a bond issued under this subtitle or the security for the bond.

Structure Maryland Statutes