(a)      (1)      Each ordinance or resolution enacted under this section:

                  (i)      shall be adopted by the governing body of the issuer;

                  (ii)      shall be approved by the chief executive officer, if any, of the issuer; and

                  (iii)      shall have the force of law.

            (2)      Except as provided in subsection (b) of this section, an ordinance, a resolution, or the question of the issuance of local obligations authorized by an ordinance or resolution need not be submitted to a referendum of the qualified voters of the issuer.

      (b)      The qualified voters of a political subdivision may petition to referendum an ordinance or resolution that authorizes the issuance of local obligations, if:

            (1)      the charter of the political subdivision authorizes the voters to do so; and

            (2)      the petition is filed not later than 20 days after the ordinance or resolution is adopted by the governing body of the political subdivision.

      (c)      An ordinance or resolution authorizing the issuance of local obligations:

            (1)      may be adopted at the public hearing required under § 4-230(b) of this subtitle or at another regular or special session of the governing body; and

            (2)      shall be effective on the date adopted and approved.