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