{"data":{"id":"us-md/md.-code-local-government-1-1106","jurisdiction":"us-md","citation":"Md. Code, Local Government § 1–1106","heading":"","body":"(a) A county or municipality may issue bonds to finance loans made through\na program.\n(b) To issue a bond, a county or municipality shall adopt an ordinance or a\nresolution that specifies the maximum principal amount of the bond.\n(c) In the ordinance or resolution, the county or municipality may:\n(1) specify the items listed in subsection (d) of this section;\n(2) authorize the finance board of the county or municipality to\nspecify those items by ordinance or resolution; or\n(3) authorize the chief executive to specify those items by executive\norder.\n(d) For each issuance of a bond, the county or municipality may specify:\n(1) the principal amount;\n(2) the interest rate or, for floating or variable rates of interest, the\nmethod to determine the interest rate;\n(3) the manner and terms of sale, including whether by competitive\nor 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 purposes for which proceeds may be spent;\n(9) the source of security; and\n(10) other provisions that are necessary or desirable to effect the\nprogram.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=1-1106","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"8bae667764806342f755ebc26f5fa8ff37b1ec70bb4b852941fa9a5b0a5c9e2f","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-1-1105","next":"us-md/md.-code-local-government-1-1107"},"notice":"GroundRules: Original legal text. Not legal advice."}