{"data":{"id":"us-md/md.-code-economic-development-12-302","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 12–302","heading":"","body":"(a) To issue a bond, a political subdivision shall adopt an ordinance or resolution that:\n(1) describes the proposed undertaking to be financed by the bond proceeds;\n(2) requires compliance with § 12-303 of this subtitle before the bond is issued; and\n(3) specifies the maximum principal amount of the bond.\n(b) As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:\n(1) specify the items listed in subsection (c) of this section;\n(2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or\n(3) authorize the chief executive of the political subdivision to specify those items by executive order.\n(c) For each issuance of a bond, the political subdivision may specify:\n(1) the principal amount;\n(2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;\n(3) the manner and terms of sale, including whether by competitive or negotiated sale;\n(4) the time of execution, issuance, and delivery;\n(5) the form and denomination;\n(6) the source, manner, times, and places to pay principal or interest;\n(7) conditions for redemption before maturity;\n(8) the actions taken to comply with § 12-307 of this subtitle;\n(9) the purposes for which proceeds may be spent;\n(10) the source of security; and\n(11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=12-302","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"8c6dd2c000266fe369bbe42b580272d298c4378ff241ade11ff6835a5bccf47b","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-12-301","next":"us-md/md.-code-economic-development-12-303"},"notice":"GroundRules: Original legal text. Not legal advice."}