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<section article="glg" article_name="Local Government" number="19-504" title_number="19" title_name="Public Debt" subtitle_number="5" subtitle_name="Creation of Public Debt -- Code Counties">
  <level label="a">
    <text>Except as provided in subsection (b) of this section, the issuance of all bonds of a county shall be authorized by public local law enacted in accordance with §§ 9–308 through 9–315 of this article.</text>
  </level>
  <level label="b">
    <text>To issue bonds described in § 19–503(c) of this subtitle, a county:</text>
    <level label="1">
      <text>need not enact a public local law; and</text>
    </level>
    <level label="2">
      <text>shall comply with the law authorizing issuance of the bonds.</text>
    </level>
  </level>
  <level label="c">
    <text>The public local law required under subsection (a) of this section shall contain:</text>
    <level label="1">
      <text>a statement of:</text>
      <level label="i">
        <text>the aggregate amount of bonds authorized by the public local law;</text>
      </level>
      <level label="ii">
        <text>the public purpose for which the bond proceeds are to be spent; and</text>
      </level>
      <level label="iii">
        <text>the revenues from which the principal of and interest on the bonds will be payable; and</text>
      </level>
    </level>
    <level label="2">
      <text>a requirement that the county commissioners, before issuing any of the bonds, adopt a resolution containing the information specified in subsection (d) of this section.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>A resolution adopted under subsection (c)(2) of this section shall contain:</text>
      <level label="i">
        <text>a statement of:</text>
        <level label="1">
          <text>the amount of bonds to be issued; and</text>
        </level>
        <level label="2">
          <text>the public purpose for which the bond proceeds are to be spent;</text>
        </level>
      </level>
      <level label="ii">
        <text>the form of the bonds, including:</text>
        <level label="1">
          <text>the place at which the bonds will be payable;</text>
        </level>
        <level label="2">
          <text>the time at which the bonds will be payable;</text>
        </level>
        <level label="3">
          <text>the interest rate on the bonds or a space to insert the interest rate when determined;</text>
        </level>
        <level label="4">
          <text>the title of each official whose signature must be affixed to or imprinted on the bonds;</text>
        </level>
        <level label="5">
          <text>the authority for issuance of the bonds; and</text>
        </level>
        <level label="6">
          <text>the revenues from which the principal of and interest on the bonds will be payable;</text>
        </level>
      </level>
      <level label="iii">
        <text>specific provision for the appropriation and disposal of the bond proceeds;</text>
      </level>
      <level label="iv">
        <text>specific provision for the payment of the principal of and interest on the bonds, including the source of payment; and</text>
      </level>
      <level label="v">
        <text>the form of the notice soliciting bids for the purchase of the bonds.</text>
      </level>
    </level>
    <level label="2">
      <text>The provision made for payment of the bonds under paragraph (1)(iv) of this subsection is a covenant binding the county to provide money from the source described to pay the principal of and interest on the bonds when due.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>If the public local law authorizing the bonds does not exempt them from §§ 19–205 and 19–206 of this title, the form of the notice soliciting bids for the purchase of the bonds shall include the information required by § 19–205 of this title.</text>
    </level>
    <level label="2">
      <text>The notice of sale also may:</text>
      <level label="i">
        <text>require prospective purchasers to submit bids on specified forms;</text>
      </level>
      <level label="ii">
        <text>provide for approval of the legality of the bonds; and</text>
      </level>
      <level label="iii">
        <text>contain a financial statement of the county.</text>
      </level>
    </level>
    <level label="3">
      <text>Any of the items under paragraph (2) of this subsection also may be separately set forth in a circular or official statement.</text>
    </level>
  </level>
  <level label="f">
    <text>A resolution authorizing any bonds of a county may contain any other provision not inconsistent with this subtitle that the county commissioners consider appropriate, including a provision that:</text>
    <level label="1">
      <text>the principal of and interest on the bonds shall be payable at one or more banks or trust companies in or outside the State;</text>
    </level>
    <level label="2">
      <text>except for the signature of the clerk or secretary, which must be manually affixed, the signatures of officials of the county and official seals to be affixed to the bonds or any coupons attached to the bonds shall be imprinted on the bonds or coupons in facsimile;</text>
    </level>
    <level label="3">
      <text>at the option of the county, some or all of the bonds shall be made redeemable, before maturity, at or above par value as required in the resolution if:</text>
      <level label="i">
        <text>the bonds contain a statement of the redemption provisions; and</text>
      </level>
      <level label="ii">
        <text>the resolution provides for published notice before a redemption;</text>
      </level>
    </level>
    <level label="4">
      <text>the issue of bonds shall be in varying denominations and in coupon form registrable as to principal only, in fully registered form, or both forms if they are interchangeable; and</text>
    </level>
    <level label="5">
      <text>a bond is a valid and binding obligation of the county in accordance with the terms of the bond even if an official whose signature appears on the bond:</text>
      <level label="i">
        <text>ceases to be an official before the delivery of the bond; or</text>
      </level>
      <level label="ii">
        <text>becomes an official after the date of issue of the bond.</text>
      </level>
    </level>
  </level>
  <level label="g">
    <text>Subject to § 19–505(d) of this subtitle, neither a resolution authorizing any bonds of a county nor the question of the issuance of bonds authorized by the resolution need be submitted to referendum of the voters of the county.</text>
  </level>
</section>
