Md. Code, Local Government § 19–236

(a) Notwithstanding any other law and in addition to any other authority,

to improve the management of debt service or interest rate risks on its bonds or to

reduce the cost of servicing its bonds, the governing body of a county may enact, by

local law or resolution, authority for the county to:

(1) enter into interest rate exchange agreements providing for

payments based on levels of or changes in interest rates; and

(2) appoint any agents necessary to implement and administer the

agreements.

(b) (1) A county that proposes to enter into one or more interest rate

exchange agreements shall enact a local law or resolution that authorizes the

transaction on the terms and conditions established by the county in the local law or

resolution.

(2) (i) In the local law or resolution that authorizes the

transaction or in a separate resolution, the county may provide for the final form and

the final terms and provisions of the agreement, after giving due consideration to the

creditworthiness of the counterparty.

(ii) The county may delegate to an officer, an official, a board,

or an agency of the county specified in the local law or resolution the power to provide

for the final form and the final terms and provisions of the agreement, after giving

due consideration to the creditworthiness of the counterparty.

(c) An interest rate exchange agreement may be entered into in connection

with, or incidental to, any bonds of the county.