Section 4-1606 - Ordinance or resolution to issue bonds. - Maryland Statutes

§ 4-1606. Ordinance or resolution to issue bonds.
 

(a)  Adoption of ordinance or resolution.- The legislative body of a covered county that undertakes a program shall adopt an ordinance or resolution that specifies: 

(1) the proposed program; 

(2) the amount of bonds to be issued; 

(3) the interest rate or rates that the bonds will bear or the method to determine the rate or rates; and 

(4) other provisions consistent with this subtitle that the legislative body considers appropriate to finance mortgage loans. 

(b)  Findings of covered county.- An ordinance or resolution that authorizes the issuance of bonds shall include findings about: 

(1) the appropriate ranges of income of families of low or moderate income; 

(2) the need for the financing that is allowed under this subtitle; 

(3) the types of housing available and needed in the covered county; and 

(4) other factors that the legislative body of the covered county finds appropriate to establish a program. 

(c)  Finding is conclusive.- A finding by the legislative body of a covered county about the qualification of an individual or family as a family of low or moderate income, or about any other matter connected with a program is conclusive in a suit, action, or proceeding that involves the validity or enforceability of a bond issued under this subtitle or the security for the bond. 
 

[An. Code 1957, art. 83B, §§ 2-405, 2-406(a); 2005, ch. 26, § 2.]