(a) Except as provided in subsections (b) and (c) of this section, the bonds authorized to be guaranteed under this subtitle are subject to § 312 of the County Charter. (b) The bonds may be structured with: (1) substantially level debt service payments; and (2) interest-only payments during the projected period for construction or rehabilitation of the housing project financed with bonds issued under this subtitle and § 12-702 of this article. (c) (1) The bonds shall be issued on a serial maturity plan. (2) Part of each issue may be sold as term bonds structured with mandatory sinking fund payments, if required for market acceptance and approved by the county government in the manner specified by the County Council resolution adopted under § 16-206 of this subtitle.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.