# Economic Development (GEC)

## Title 12. Local Development Authorities and Resources

### Subtitle 3. Redevelopment Bonds

#### Section 12-302

(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 Sec. 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 Sec. 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.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)