# Md. Code, Local Government § 1-1106: –1106

> Maryland · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1106

## Section

- **Citation:** Md. Code, Local Government § 1-1106
- **Heading:** –1106
- **Jurisdiction:** Maryland
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** MD Code / Article glg / Title 1 / Subtitle 11 / Section 1-1106

## Text

(a) A county or municipality may issue bonds to finance loans made through a program.

(b) To issue a bond, a county or municipality shall adopt an ordinance or a resolution that specifies the maximum principal amount of the bond.

(c) In the ordinance or resolution, the county or municipality may:

(1) specify the items listed in subsection (d) of this section;

(2) authorize the finance board of the county or municipality to specify those items by ordinance or resolution; or

(3) authorize the chief executive to specify those items by executive order.

(d) For each issuance of a bond, the county or municipality 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 purposes for which proceeds may be spent;

(9) the source of security; and

(10) other provisions that are necessary or desirable to effect the program.

## Nearby sections

- [Md. Code, Local Government § 1-1101 §1–1101.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1101.md)
- [Md. Code, Local Government § 1-1102 §1–1102.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1102.md)
- [Md. Code, Local Government § 1-1103 §1–1103.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1103.md)
- [Md. Code, Local Government § 1-1104 §1–1104.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1104.md)
- [Md. Code, Local Government § 1-1105 §1–1105.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1105.md)
- [Md. Code, Local Government § 1-1106 §1–1106.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1106.md)
- [Md. Code, Local Government § 1-1107 §1–1107.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1107.md)
- [Md. Code, Local Government § 1-1108 §1–1108.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1108.md)
- [Md. Code, Local Government § 1-1109 §1–1109.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1109.md)
- [Md. Code, Local Government § 1-1110 §1–1110.](https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1110.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MD_Aglg_T1_S11_S1-1106. Check the current official text before relying on it. Not legal advice.