Prior to the issuance and sale of any of the Bonds, the County shall
adopt one or more resolutions in accordance with Section 19-504 of
the Act, which resolution shall describe in part, the following: (i)
the amount of Bonds which shall be issued and the amount of the proceeds
of such Bonds allocated to each project specified in such resolution
or resolutions, (ii) the statement of the public purpose or purposes
for which the proceeds of the Bonds are to be expended, (iii) the
form of the Bonds, which shall include the place and time of payment
thereof, the rate or rates of interest payable thereon, or space for
the insertion of the rate or rates of interest upon the determination
thereof, the titles of the officials whose signatures shall be affixed
to or imprinted on the Bonds, the authority for the issuance thereof,
and the taxes and any special revenues from which the principal of
and interest on the Bonds will be payable, (iv) the designation, form,
tenor, denomination or denominations and maturities (not exceeding
40 years), and optional and mandatory sinking fund redemption provisions,
if any, of the Bonds, (v) the method of sale of such Bonds, (vi) provisions
for the notice soliciting bids for the purchase of the Bonds, if the
Bonds are sold at public sale, (vii) specific provisions for the appropriation
and disposal of the proceeds of the sale of the Bonds and specific
provisions for the payment of the principal and interest thereon,
which provisions shall specify the source or sources of payment and
shall constitute a covenant binding the County to provide the funds
from the source or sources as and when principal and interest are
due and payable, (viii) if any of the proceeds of the Bonds are to
be loaned by the County, the terms of such loan and of any Loan Agreement
executed in connection with such loan, and (ix) any and all other
matters deemed necessary in connection with the proposed borrowing,
the issuance, sale and delivery of the Bonds and the appropriation
of the proceeds thereof. Additionally, such resolution or resolutions
may provide that the issuance of Bonds authorized pursuant to this
Local Law may be consolidated with one or more other issues authorized
by this Local Law or any other Public Local Law, all as provided in
Section 19-101 of the Local Government Article of the Annotated Code
of Maryland as amended, and any successor provision of law.