(a) In general.- To issue a bond, a political subdivision shall adopt an ordinance or resolution that:
(1) describes the proposed undertaking to be financed by the bond proceeds;
(2) requires compliance with § 12-303 of this subtitle before the bond is issued; and
(3) specifies the maximum principal amount of the bond.
(b) Specifications - Authority to prescribe.- As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:
(1) specify the items listed in subsection (c) of this section;
(2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or
(3) authorize the chief executive of the political subdivision to specify those items by executive order.
(c) Specifications - Contents.- For each issuance of a bond, the political subdivision may specify:
(1) the principal amount;
(2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;
(3) the manner and terms of sale, including whether by competitive or negotiated sale;
(4) the time of execution, issuance, and delivery;
(5) the form and denomination;
(6) the source, manner, times, and places to pay principal or interest;
(7) conditions for redemption before maturity;
(8) the actions taken to comply with § 12-307 of this subtitle;
(9) the purposes for which proceeds may be spent;
(10) the source of security; and
(11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.
(a) In general.- To issue a bond, a political subdivision shall adopt an ordinance or resolution that:
(1) describes the proposed undertaking to be financed by the bond proceeds;
(2) requires compliance with § 12-303 of this subtitle before the bond is issued; and
(3) specifies the maximum principal amount of the bond.
(b) Specifications - Authority to prescribe.- As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:
(1) specify the items listed in subsection (c) of this section;
(2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or
(3) authorize the chief executive of the political subdivision to specify those items by executive order.
(c) Specifications - Contents.- For each issuance of a bond, the political subdivision may specify:
(1) the principal amount;
(2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;
(3) the manner and terms of sale, including whether by competitive or negotiated sale;
(4) the time of execution, issuance, and delivery;
(5) the form and denomination;
(6) the source, manner, times, and places to pay principal or interest;
(7) conditions for redemption before maturity;
(8) the actions taken to comply with § 12-307 of this subtitle;
(9) the purposes for which proceeds may be spent;
(10) the source of security; and
(11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.
(a) In general.- To issue a bond, a political subdivision shall adopt an ordinance or resolution that:
(1) describes the proposed undertaking to be financed by the bond proceeds;
(2) requires compliance with § 12-303 of this subtitle before the bond is issued; and
(3) specifies the maximum principal amount of the bond.
(b) Specifications - Authority to prescribe.- As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:
(1) specify the items listed in subsection (c) of this section;
(2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or
(3) authorize the chief executive of the political subdivision to specify those items by executive order.
(c) Specifications - Contents.- For each issuance of a bond, the political subdivision may specify:
(1) the principal amount;
(2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;
(3) the manner and terms of sale, including whether by competitive or negotiated sale;
(4) the time of execution, issuance, and delivery;
(5) the form and denomination;
(6) the source, manner, times, and places to pay principal or interest;
(7) conditions for redemption before maturity;
(8) the actions taken to comply with § 12-307 of this subtitle;
(9) the purposes for which proceeds may be spent;
(10) the source of security; and
(11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.
