(a) In its charter, each municipality may provide a procedure to borrow money for any public purpose that is different from the procedure described in this subtitle. (b) If a conflict exists between this subtitle and the charter of a municipality, the charter controls. (c) Notwithstanding this subtitle or the charter of the municipality, each municipality may exercise […]
(a) A municipality may: (1) borrow money for any public purpose; and (2) issue and sell general obligation bonds to evidence the borrowing. (b) In its charter, a municipality may provide for the issuance of revenue bonds payable as to principal and interest solely from the revenues of one or more revenue–producing projects of the municipality. (c) (1) Unless the charter […]
(a) The issuance of all bonds of a municipality shall be authorized by a resolution adopted or an ordinance enacted by the legislative body of the municipality. (b) (1) A resolution or an ordinance authorizing municipal bonds shall contain: (i) a statement of the public purpose for which the bond proceeds are to be spent; (ii) the form of the […]
(a) (1) A municipality may not issue bonds that mature later than 40 years after the date of issue. (2) A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue. (b) A municipality may issue bonds and tax anticipation notes only for cash. (c) A municipality may not sell bonds or […]
All bonds and tax anticipation notes issued in accordance with the charter of a municipality or this subtitle shall be considered investment securities as provided in § 19–224 of this title.
The principal of and interest on bonds or tax anticipation notes issued in accordance with the charter of a municipality or this subtitle are exempt from State and local taxes.
(a) A fiscal officer of a municipality who has custody of a sinking fund established by the municipality to pay the principal of or the interest on bonds issued in accordance with the charter of the municipality or this subtitle may invest the sinking fund only as provided in § 19–102 of this title. (b) A fiscal […]
(a) Except as provided in subsection (b) of this section, each bond or tax anticipation note issued in accordance with the charter of the municipality or this subtitle is a pledge of the full faith and credit of the municipality to the prompt payment, from the revenues described in the resolution or ordinance, of the principal […]
This subtitle does not impair any term or condition of any bond, note, or other obligation of a municipality issued by the municipality before Article XI–E of the Maryland Constitution took effect.
