Md. Code, Local Government § 19–213

(a) Bond and grant anticipation notes issued under this part shall be

authorized by ordinance, resolution, or other form of official action customarily used

by the governmental entity.

(b) (1) The ordinance, resolution, or other form of official action that

authorizes the bond or grant anticipation notes shall state:

(i) the authority for the notes and, if the notes are bond

anticipation notes, the authority for the bonds;

(ii) the amount of notes authorized; and

(iii) the terms of the notes.

(2) The ordinance, resolution, or other form of official action shall

specify that the notes:

(i) be sold in a certain manner, at public sale or, if the

governmental entity considers private negotiation to be in its best interest, at private

sale;

(ii) mature at certain times;

(iii) bear interest at certain rates or at rates to be determined

in the manner stated in the ordinance, resolution, or other form of official action; and

(iv) be sold for certain prices or for prices to be determined in

the manner stated in the ordinance, resolution, or other form of official action, which

may be at, above, or below par.

(3) The ordinance, resolution, or other form of official action may

provide that the notes:

(i) be in one or more series, as money is required; and

(ii) be renewable at maturity with or without resale.