§ 12–302
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 12-302 (2026)
Title 12. Local Development Authorities and Resources
Subtitle 3. Redevelopment Bonds
§ 12–302LinkCopy Citation
(a)
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)
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)
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.