Section 19-905 – Conditions for Issuance
(a) Notwithstanding any State or local law to the contrary, a county or municipality may: (1) issue pension liability funding bonds: (i) without regard to: 1. any provision of the county’s or municipality’s charter or any other law that: A. requires a public referendum before the issuance of public debt by the county or municipality; or B. requires that debt be […]
Section 19-906 – Deposit of Funds
(a) The proceeds of pension liability funding bonds may be deposited, in amounts determined by the county or municipality, in trust with a trust company or other banking institution as trustee, in a trust fund established in the name of the county or municipality. (b) Money in the trust fund may be invested and reinvested in any […]
Section 19-907 – Findings of Public Purpose
In any proceeding involving the validity or enforceability of pension liability funding bonds or any security for the bonds, a finding by the legislative or other governing body of the county or municipality as to the public purpose of any actions taken under this subtitle or as to other matters relating to the issuance of […]
Section 19-908 – Exemptions
(a) Pension liability funding bonds, the transfer of the bonds, the interest payable on the bonds, and any income derived from the bonds, including any profit realized in the sale and exchange of the bonds, are exempt from State and local taxes. (b) This subtitle does not prevent a county or municipality from authorizing the issuance and […]
Section 19-1001 – County Ability to Borrow Money and Incur Indebtedness
A county may borrow money and incur indebtedness through the issuance and sale of notes in anticipation of the receipt of the county’s allocation of funds from the separate account of the Bay Restoration Fund established under § 9–1605.2(h) of the Environment Article.
Section 19-1002 – County Use of Net Proceeds From Sale of Notes Issue
A county may expend the net proceeds of the sale of an issue of notes only to: (1) make grants and loans in accordance with § 9–1605.2(h)(2)(i) of the Environment Article; (2) make grants and loans to cover engineering costs and non–best–available–technology components, including drainfields, needed for the repair of existing on–site sewage disposal systems or the […]
Section 19-1003 – Payment of Notes Principal and Interest — Pledge of Full Faith and Credit by County
(a) The principal of the notes may be paid from: (1) the county’s allocation of funds from the special account of the Bay Restoration Fund established under § 9–1605.2(h) of the Environment Article; and (2) any other revenues that are pledged to the payment of the notes in the authorizing resolution. (b) The interest on the notes may be […]
Section 19-1004 – County Authority to Borrow Money and Issue Notes
The authority to borrow money and issue notes granted to a county under this subtitle is: (1) supplemental to any other power granted to a county by any other law; and (2) not in derogation of any other existing power of a county to borrow money.
Section 19-904 – Authority to Issue Pension Liability Funding Bonds
(a) A county or municipality that is authorized under law to borrow money and issue bonds may issue pension liability funding bonds to fund any unfunded present or contingent liability of any kind under a pension or retirement plan or system. (b) Pension liability funding bonds may be issued for the public purposes of: (1) realizing savings with […]
Section 19-702 – Authority to Borrow Money for Public Libraries
(a) The governing body of a county may borrow money to pay any of the capital construction costs of public library buildings in the county. (b) The County Commissioners of St. Mary’s County may borrow money to pay any of the costs of preservation for public libraries in the county.