Ch. 548

1995 LAWS OF MARYLAND

(iii) Specifies the maximum rate or rates of interest for the bonds; and

(iv) Agrees to a covenant to levy upon all real and personal property
within the special taxing district ad valorem taxes OR SPECIAL TAXES in rate and amount
AT LEAST sufficient in each year in which any of the bonds are outstanding to provide for
the payment of the principal of and the interest on the bonds.

(2)     The ordinance OR RESOLUTION may specify or may authorize its
finance board OR OTHER APPROPRIATE FINANCIAL OFFICER,, by resolution or
ordinance, or its chief executive officer, by executive order, to specify any of the following
as it deems appropriate to effect the financing of the proposed undertaking:

(i) The actual principal amount of the bonds to be issued;

(ii) The actual rate or rates of interest for the bonds;

(iii) The manner in which and the terms upon which the bonds are to
be sold;

(iv) The manner in which and the times and places that the interest on
the bonds is to be paid;

(v) The time or times that the bonds may be executed, issued, and
delivered;

(vi) The form and tenor of the bonds and the denominations in which
the bonds may be issued;

(vii) The manner in which and the times and places that the principal of
the bonds is to be paid, within the limitations set forth in this section;

(viii) Provisions pursuant to which any or all of the bonds may be called
for redemption prior to their stated maturity dates; or

(ix) Any other provisions not inconsistent with this section as shall be
determined by the governing body of the municipal corporation to be necessary or
desirable to effect the financing of the proposed undertaking.

(3)     (i) [An] EXCEPT AS MAY BE REQUIRED BY THE MARYLAND
CONSTITUTION, AN ordinance OR RESOLUTION authorizing the bonds required under
this subsection, an ordinance, resolution, or executive order passed or adopted in
furtherance of the required ordinance OR RESOLUTION, the bonds, the designation of a
special taxing district, or the levy of a special ad valorem tax OR SPECIAL TAX may not be
subject to any referendum by reason of any other State or local law.

(ii) The ordinance OR RESOLUTION authorizing the bonds required
under this subsection, any ordinance, resolution, or executive order passed or adopted in
furtherance of the required ordinance OR RESOLUTION, the bonds, the designation of a
special taxing district, or the levy of a special ad valorem tax OR SPECIAL TAX shall be
subject to the request of the landowners as specified under subsection (c)(1) of this
section.

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