(a) To issue a bond, a political subdivision shall adopt an ordinance or resolution that: (1) describes the proposed undertaking to be financed by the bond proceeds; (2) requires compliance with § 12-303 of this subtitle before the bond is issued; and (3) specifies the maximum principal amount of the bond. (b) As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may: (1) specify the items listed in subsection (c) of this section; (2) authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or (3) authorize the chief executive of the political subdivision to specify those items by executive order. (c) For each issuance of a bond, the political subdivision 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 actions taken to comply with § 12-307 of this subtitle; (9) the purposes for which proceeds may be spent; (10) the source of security; and (11) other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.
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