{"data":{"id":"us-md/md.-code-local-government-19-807","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–807","heading":"","body":"(a) (1) A bond issued under this subtitle:\n(i) shall be negotiable;\n(ii) may be issued in coupon form or registrable as to principal\nor as to both principal and interest;\n(iii) may be issued to bear interest, payable annually,\nsemiannually, or otherwise; and\n(iv) may be executed, issued, or delivered at any time.\n(2) (i) A bond issued under this subtitle shall be signed by the\npresident of the governing body of Cecil County.\n(ii) The seal of the county shall be affixed to the bond and\nattested to by the clerk or the officer performing the functions of the clerk.\n(iii) An officer’s signature or countersignature on a bond or\ncoupon remains valid even if the officer ceases to be an officer before the delivery of\nthe bond.\n(3) (i) The county may not issue a bond under this subtitle that\nmatures later than 40 years from the date of issue.\n(ii) The county shall pay for a mature bond at the place that\nthe county determines.\n(b) Bonds issued under this subtitle may be secured by a pledge of\nmortgages or notes secured by deeds of trust on any type of interest in real or other\nproperty, including:\n(1) real property or other interests held by stock cooperatives and\ncondominiums and their unit owners;\n(2) servicing agreements;\n(3) condemnation proceeds;\n(4) proceeds of private mortgage insurance or casualty and special\nhazard insurance; or\n(5) any other security that Cecil County determines is appropriate.\n(c) Bonds issued under this subtitle may provide that the bonds may be\nredeemed, at the option of Cecil County, before maturity, at the price and under the\nterms and conditions that the county sets before the bonds are issued.\n(d) Money received from bonds issued under this subtitle may be used only\nto:\n(1) make residential mortgage loans in Cecil County, either directly\nor through mortgage lending institutions;\n(2) establish reserve funds;\n(3) pay necessary financing expenses; or\n(4) advance the payment of interest on the bonds during the 3 years\nafter the date of the bonds.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-807","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"d015773a54ef6f29444e3225f24985ef37aed48c020a98e7c037d378f81d81a2","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-806","next":"us-md/md.-code-local-government-19-808"},"notice":"GroundRules: Original legal text. Not legal advice."}