Maryland Code, LOCAL GOVERNMENT 19-804

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}
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(a) By ordinance or resolution, the governing body of Cecil County shall specify:

(1) the program;

(2) the amount of bonds to be issued under the program;

(3) the interest rate of the bonds, or the manner of determining the rate; and

(4) other provisions not inconsistent with this subtitle to effect the financing of the mortgage loans.

(b) In the ordinance or resolution adopted under this subtitle, the governing body of Cecil County shall make findings regarding:

(1) the need for the financing authorized under this subtitle;

(2) the types of housing available and needed in the county; and

(3) other factors that the governing body finds appropriate to establish a program.

(1) referendum; or

(2) other procedures that do not apply to all ordinances or resolutions enacted by Cecil County.