§ 19-605. Authorizing resolution

   (a) Required. -- The notes shall be authorized by a resolution.

(b) Required provisions. -- The authorizing resolution shall:

   (1) cite the authority to issue the notes and the amount authorized; and

   (2) specify:

      (i) the maturity;

      (ii) the interest rate or manner of determining the rate, which may include a variable rate;

      (iii) 1. the price at which the notes will be sold, which may be at, above, or below the face value of the notes; or

         2. the manner of determining the price at which the notes will be sold;

      (iv) the manner of the sale of the notes, which may be by private negotiation by the county with a prospective purchaser, if determined by the county to be in the county's best interest;

      (v) the terms or conditions, if any, under which notes may or shall be redeemed prior to their stated maturity; and

      (vi) other terms on the notes.

(c) Permissible provisions. -- The authorizing resolution may provide for:

   (1) the issuance of the notes in series, as money is required; and

   (2) the renewal of the notes at maturity, with or without resale.

HISTORY: An. Code 1957, art. 31, § 33(e); 2013, ch. 119, § 2.