# Local Government (GLG)

## Title 1. Definitions; General Provisions

### Subtitle 11. Clean Energy Loan Programs

#### Section 1-1106

(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.

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Md. Code Ann., Local Gov't (as displayed at mgaleg.maryland.gov, October 16, 2026)