Ordinance authorizing bonds

# (a)

Mandatory provisions. —

In order to implement the authority conferred upon it by this chapter to issue bonds, the Levy Court shall adopt an ordinance that:

# (1)

Specifies and describes the proposed undertaking and states that it has complied with § 5406 of this title;

# (2)

Specifies the maximum rate or rates of interest the bonds are to bear.

# (b)

Additional provisions. —

The resolution described in § 5407 of this title may itself specify and prescribe, or may authorize the chief financial officer or County Administrator to specify and prescribe, any of the following as it deems appropriate to effect the financing of the proposed undertaking:

# (1)

The actual principal amount of the bonds to be issued;

# (2)

The actual rate or rates of interest the bonds are to bear;

# (3)

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

# (4)

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

# (5)

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

# (6)

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

# (7)

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 chapter;

# (8)

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

# (9)

Such other provisions not inconsistent with this chapter as shall be determined by such legislative body to be necessary or desirable to effect the financing of the proposed undertaking.