(a) Bond and grant anticipation notes issued under this Part III of this subtitle shall be authorized by resolution of the State unit.
(b) (1) The resolution shall state:
(i) the authority for the notes and, if the notes are bond anticipation notes, the authority for the bonds;
(ii) the amount of notes authorized; and
(iii) the terms of the notes.
(2) The resolution shall specify that the notes:
(i) be sold in a certain manner, at public sale or, if the State unit considers private negotiation to be in its best interest, at private sale;
(ii) mature at certain times;
(iii) bear interest at certain rates or at rates to be determined in the manner stated in the resolution; and
(iv) be sold for certain prices or for prices to be determined in the manner stated in the resolution, which may be at, above, or below par.
(3) The resolution may provide that the notes:
(i) be in 1 or more series, as money is required; and
(ii) be renewable at maturity with or without resale.