2378

LAWS OF MARYLAND

Ch. 240

(4) FISCAL EXPENSES;

(5) LEGAL EXPENSES; AND

(6) INTEREST ESTIMATED TO ACCRUE DURING
CONSTRUCTION AND FOR 6 MONTHS AFTER CONSTRUCTION, ON MONEY
BORROWED OR EXPECTED TO BE BORROWED UNDER THIS SUBTITLE.

(B) ADOPTION OF RESOLUTION.

THE RESOLUTION:

(1) MAY BE ADOPTED AT THE MEETING AT WHICH THE
RESOLUTION IS INTRODUCED;

(2) MAY BE ADOPTED BY A MAJORITY OF ALL MEMBERS
OF THE GOVERNING BODY WHO ARE IN OFFICE WHEN THE RESOLUTION
IS INTRODUCED; AND

(3) IS EFFECTIVE IMMEDIATELY ON ADOPTION.

REVISOR'S NOTE: Subsection (a) of this section is new
language derived without substantive change from
former Article 43, § 430(d) and the last sentence
of § 430.

Subsection (b) of this section is new language
derived without substantive change from the first
sentence of former Article 43, § 431.

In subsection (a) of this section, the former
reference to planning expenses is deleted in
light of the definition of "development" in §
9-801 of this subtitle.

9-806. BOND PROVISIONS IN RESOLUTION.

(A) RECITAL.

THE AUTHORIZING RESOLUTION MAY PROVIDE THAT THE BONDS
SHALL CONTAIN A RECITAL THAT THEY ARE ISSUED UNDER THIS
SUBTITLE.

(B)  PAYMENT.

THE AUTHORIZING RESOLUTION SHALL STATE THAT THE
INTEREST ON BONDS ISSUED UNDER THIS SUBTITLE SHALL BE
PAYABLE TWICE A YEAR.

(C)  PROVISIONS.

THE AUTHORIZING RESOLUTION OR ANY SUBSEQUENT RESOLUTION
MAY PROVIDE THAT THE BONDS ISSUED UNDER THIS SUBTITLE:

(1) BE IN 1 OR MORE SERIES;