The County Executive may sell the notes on the most favorable terms available from time to time, without solicitation of competitive bids, at private sale, and private sale is hereby found and determined to be in the best interests of the County. The notes shall not be subject to the provisions of Local Government Article, §§ 19-205 and 19-206, of the State Code, that pertain to the public sale of certain bonds and other matters. The notes may not be issued except for cash, be sold at less than the par value of the notes, or bear interest at a rate in excess of the maximum interest rate, if any, specified by the County Council by public local law to be payable on obligations of the County. The County Executive may negotiate with any bank or banker for a loan commitment and deliver to the bank or banker the notes from time to time, as funds are required, pursuant to the terms of said commitment. Following each such sale, or the negotiation of each such commitment, the County Executive shall report the same at the next meeting of the County Council and shall accompany the report with the data on which the County Executive had relied to conclude that the most favorable terms practicably available to the County in the prevailing market for comparable obligations had been obtained.
(1985 Code, Art. 6, § 9-207)