Current with changes from the 2024 Legislative Session
Section 4-1606 - Ordinance or resolution to issue bonds(a) 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) 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) 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.