Section 19-501 – “Public Local Law” Defined
In this subtitle, “public local law” has the meaning stated in Article XI–F, § 1 of the Maryland Constitution.
Section 19-502 – Scope of Subtitle
This subtitle applies only to code counties.
Section 19-503 – Authority to Borrow Money and Issue Bonds
(a) A county may: (1) borrow money for any public purpose; and (2) issue and sell general obligation bonds to evidence the borrowing. (b) By local law, a county 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 county. (c) Notwithstanding any other […]
Section 19-504 – Procedures for Issuing Bonds
(a) Except as provided in subsection (b) of this section, the issuance of all bonds of a county shall be authorized by public local law enacted in accordance with §§ 9–308 through 9–315 of this article. (b) To issue bonds described in § 19–503(c) of this subtitle, a county: (1) need not enact a public local law; and […]
Section 19-505 – Limitations on Authority to Issue Bonds
(a) A county may not issue bonds that mature later than 40 years after the date of issue. (b) A county may issue bonds only for cash. (c) A county may not sell bonds at less than par value. (d) If a legally sufficient referendum petition on a public local law authorizing the issuance of bonds is properly filed […]
Section 19-506 – Negotiability of Bonds
Any bonds issued in accordance with this subtitle shall be considered investment securities as provided in § 19–224 of this title and Title 8 of the Maryland Uniform Commercial Code.
Section 19-507 – Tax Status of Bonds
The principal of and interest on bonds issued in accordance with this subtitle are exempt from State and local taxes.
Section 19-508 – Investment of Sinking Fund and Bond Proceeds
(a) A county fiscal officer who has custody of a sinking fund established by the county to pay the principal of or the interest on bonds issued in accordance with this subtitle may invest the sinking fund only as provided in § 19–102 of this title. (b) A county fiscal officer who has custody of bond proceeds […]
Section 19-509 – Liability for Bonds; Imposition of Taxes; Limits on Debt
(a) Except as provided in subsection (b) of this section, each bond issued in accordance with this subtitle is a pledge of the full faith and credit of the county to the prompt payment, from the revenues described in the public local law authorizing the bond, of the principal of and interest on the bond when […]
Section 19-510 – Effect of Subtitle
This subtitle does not impair any term or condition of any bond, note, or other obligation of a county issued or authorized to be issued by the county before adoption of code home rule.