{"data":{"id":"us-md/md.-code-local-government-19-805","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–805","heading":"","body":"(a) (1) Notwithstanding any other law, Cecil County may issue revenue\nbonds, notes, or other evidence of indebtedness to accomplish the purposes of this\nsubtitle.\n(2) The county may use money borrowed under this subtitle to make\nfunds available, directly or through mortgage lending institutions, for residential\nmortgage loans by:\n(i) forward commitment mortgage purchases;\n(ii) existing mortgage purchases;\n(iii) loans to lenders;\n(iv) a revolving mortgage fund; or\n(v) any other manner the county considers appropriate.\n(3) (i) The county may issue new bonds to provide funds for the\npayment of any outstanding bonds in accordance with this subtitle and § 19–207 of\nthis title.\n(ii) The new bonds shall be secured to the same extent and\nhave the same source of payment as the refunded bonds.\n(b) The amount borrowed under this subtitle may not exceed $35,000,000\nin the total aggregate amount.\n(c) Cecil County may collect participation charges to cover loan processing,\nloan administration, mortgage insurance, and other costs and expenses of a program\nfrom a borrower participating in the program.\n(d) A program may provide for:\n(1) loan agreements;\n(2) security agreements;\n(3) loan servicing agreements;\n(4) forms of mortgages, notes, and deeds of trust; and\n(5) other appropriate securities, documents, agreements, and\nprovisions.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-805","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"72e9782bead27886c8b81d7efc6b9a2672352496c1fd2eab3432c378c416501d","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-804","next":"us-md/md.-code-local-government-19-806"},"notice":"GroundRules: Original legal text. Not legal advice."}