# Local Government (GLG)

## Title 19. Public Debt

### Subtitle 6. Creation of Public Debt -- Public Schools

#### Section 19-605

(a) The notes shall be authorized by a resolution.

(b) The authorizing resolution shall:

  (1) cite the authority to issue the notes and the amount authorized; and

  (2) specify:

    (i) the maturity;

    (ii) the interest rate or manner of determining the rate, which may include a variable rate;

    (iii)

      (1) the price at which the notes will be sold, which may be at, above, or below the face value of the notes; or

      (2) the manner of determining the price at which the notes will be sold;

    (iv) the manner of the sale of the notes, which may be by private negotiation by the county with a prospective purchaser, if determined by the county to be in the county's best interest;

    (v) the terms or conditions, if any, under which notes may or shall be redeemed prior to their stated maturity; and

    (vi) other terms on the notes.

(c) The authorizing resolution may provide for:

  (1) the issuance of the notes in series, as money is required; and

  (2) the renewal of the notes at maturity, with or without resale.

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