Section 16-203 - Bonds subject to County Charter; exceptions. - Maryland Statutes

§ 16-203. Bonds subject to County Charter; exceptions.
 

(a)  In general.- Except as provided in subsections (b) and (c) of this section, the bonds authorized to be guaranteed under this subtitle are subject to § 312 of the County Charter. 

(b)  Level debt service payments and interest-only payments allowed.- The bonds may be structured with: 

(1) substantially level debt service payments; and 

(2) interest-only payments during the projected period for construction or rehabilitation of the housing project financed with bonds issued under this subtitle and § 12-702 of this article. 

(c)  Issuance.-  

(1) The bonds shall be issued on a serial maturity plan. 

(2) Part of each issue may be sold as term bonds structured with mandatory sinking fund payments, if required for market acceptance and approved by the county government in the manner specified by the County Council resolution adopted under § 16-206 of this subtitle. 
 

[An. Code 1957, art. 44A, § 2-103 (a)(1); 2006, ch. 63, § 2.]