Section 19-801 – “Program” Defined

    In this subtitle, “program” means a residential mortgage program authorized under this subtitle.

Section 19-802 – Construction of Subtitle

    A transaction under this subtitle is not a capital project within the meaning of any statutory or charter provision.

Section 19-803 – Legislative Findings; Purpose of Subtitle

    (a)    The General Assembly finds that:         (1)    persons and families in many areas in Cecil County, including areas that contain presently stable neighborhoods and middle class residential housing, are unable to purchase, rehabilitate, and maintain decent, safe, and sanitary housing that provides an opportunity for home ownership either directly or through a condominium or cooperative form of […]

Section 19-804 – Enactment of Ordinance or Resolution Required

    (a)    By ordinance or resolution, the governing body of Cecil County shall specify:         (1)    the program;         (2)    the amount of bonds to be issued under the program;         (3)    the interest rate of the bonds, or the manner of determining the rate; and         (4)    other provisions not inconsistent with this subtitle to effect the financing of the mortgage loans.     (b)    In the […]

Section 19-805 – Powers of Cecil County

    (a)    (1)    Notwithstanding any other law, Cecil County may issue revenue bonds, notes, or other evidence of indebtedness to accomplish the purposes of this subtitle.         (2)    The county may use money borrowed under this subtitle to make funds available, directly or through mortgage lending institutions, for residential mortgage loans by:             (i)    forward commitment mortgage purchases;             (ii)    existing mortgage purchases;             (iii)    loans […]

Section 19-806 – Individual Mortgage Loans

    (a)    (1)    A program shall require a down payment of at least 10% of the purchase price of the dwelling.         (2)    (i)    The down payment may be in the form of cash or real property owned by a mortgagor on which a dwelling has been constructed.             (ii)    If the down payment is in the form of real property, the property […]

Section 19-807 – Bonds; Use of Revenue

    (a)    (1)    A bond issued under this subtitle:             (i)    shall be negotiable;             (ii)    may be issued in coupon form or registrable as to principal or as to both principal and interest;             (iii)    may be issued to bear interest, payable annually, semiannually, or otherwise; and             (iv)    may be executed, issued, or delivered at any time.         (2)    (i)    A bond issued under this subtitle shall […]

Section 19-808 – Manner and Price of Sale of Bonds; Exemptions

    (a)    Cecil County shall sell bonds authorized under this subtitle at public or private sale and on the terms that the county considers best.     (b)    Bonds issued under this subtitle are exempt from §§ 19–205 and 19–206 of this title.

Section 19-809 – Payment of Bonds

    (a)    A bond issued under this subtitle and the interest on the bond are limited obligations of Cecil County.     (b)    Cecil County may pay the principal of and interest on a bond issued under this subtitle only from:         (1)    revenues derived from interest, mortgage insurance proceeds, casualty or special hazard insurance proceeds, other insurance proceeds, or condemnation proceeds; […]

Section 19-810 – Conclusive Presumption of Finding by Cecil County

    A finding made by Cecil County regarding a program or the qualification of a person or family to participate in a program is conclusive in a proceeding involving the validity or enforceability of a bond, or security for a bond, issued under this subtitle.

Section 19-811 – Tax Status

    The principal amount of the bonds issued under this subtitle, the transfer of the bonds, the interest payable on the bonds, and any income derived from the bonds, including profit realized in the sale or exchange of the bonds, are exempt from State and local taxes.