§ 1–1106
Statutes in effect as of October 1, 2026.
Md. Code Ann., Local Gov't § 1-1106 (2026)
Title 1. Definitions; General Provisions
Subtitle 11. Clean Energy Loan Programs
§ 1–1106LinkCopy Citation
(a)
A county or municipality may issue bonds to finance loans made through a program.
(b)
To issue a bond, a county or municipality shall adopt an ordinance or a resolution that specifies the maximum principal amount of the bond.
(c)
In the ordinance or resolution, the county or municipality may:
(1)
specify the items listed in subsection (d) of this section;
(2)
authorize the finance board of the county or municipality to specify those items by ordinance or resolution; or
(3)
authorize the chief executive to specify those items by executive order.
(d)
For each issuance of a bond, the county or municipality 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 purposes for which proceeds may be spent;
(9)
the source of security; and
(10)
other provisions that are necessary or desirable to effect the program.