1. (a) To issue a bond, a political subdivision shall adopt an ordinance or resolution that:

   1. (1) describes the proposed undertaking to be financed by the bond proceeds;
   2. (2) requires compliance with § 12-303 of this subtitle before the bond is issued; and
   3. (3) specifies the maximum principal amount of the bond.

2. (b) As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:

   1. (1) specify the items listed in subsection (c) of this section;
   2. (2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or
   3. (3) authorize the chief executive of the political subdivision to specify those items by executive order.

3. (c) For each issuance of a bond, the political subdivision may specify:

   1. (1) the principal amount;
   2. (2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;
   3. (3) the manner and terms of sale, including whether by competitive or negotiated sale;
   4. (4) the time of execution, issuance, and delivery;
   5. (5) the form and denomination;
   6. (6) the source, manner, times, and places to pay principal or interest;
   7. (7) conditions for redemption before maturity;
   8. (8) the actions taken to comply with § 12-307 of this subtitle;
   9. (9) the purposes for which proceeds may be spent;
   10. (10) the source of security; and
   11. (11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.