Maryland Code, LOCAL GOVERNMENT 19-605
Terms Used In Maryland Code, LOCAL GOVERNMENT 19-605
- County: means a county of the State or Baltimore City. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(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.