Section 9-805 - Authority to issue bonds; adoption of resolution. - Maryland Statutes

§ 9-805. Authority to issue bonds; adoption of resolution.
 

(a)  Authority to issue bonds.- By resolution, the governing body of any municipality may authorize the issuance of bonds under this subtitle to finance, wholly or partly, the cost of the development of any sewerage facility. In the determination of the cost, the governing body may include: 

(1) Actual and estimated costs of issuing the bonds; 

(2) Engineering expenses; 

(3) Inspection expenses; 

(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. 
 

[An. Code 1957, art. 43, §§ 430, 431; 1982, ch. 240, § 2; 1988, ch. 6, § 1.]