(a) In this part the following words have the meanings indicated. (b) “Authorizing resolution” means an administrative resolution adopted by the legislative body of a county. (c) “County” includes a combination of two or more counties that have entered into an agreement under this part. (d) (1) “Note” means an evidence of indebtedness of a county issued under this part. […]
(a) (1) A county may borrow money and incur indebtedness through the issuance and sale of notes in anticipation of the receipt of any of the county’s State share. (2) The amount borrowed may not exceed at any one time the county’s State share. (3) In calculating the maximum principal amount of notes that may be outstanding, the State […]
A county may expend the net proceeds of the sale of an issue of notes only to: (1) pay the costs of public school construction or capital improvements approved at any time by the Board of Public Works in anticipation of State money for any of the construction or improvements; or (2) refund one or more issues […]
(a) The principal of the notes may be paid from: (1) the proceeds of any of the State share for a county; (2) any other revenues that are pledged to the payment of the notes in the authorizing resolution; or (3) money made available to the county to finance the public school construction and capital improvements from: (i) the State […]
(a) The notes shall be authorized by a resolution. (b) The authorizing resolution shall: (1) cite the authority to issue the notes and the amount authorized; and (2) specify: (i) the maturity; (ii) the interest rate or manner of determining the rate, which may include a variable rate; (iii) 1. the price at which the notes will be sold, which may be at, […]
(a) If the authorizing resolution provides, notes may be secured by: (1) a trust indenture with a corporate trustee, which may be any trust company or bank having the powers of a trust company in or outside the State; and (2) a letter of credit, line of credit, or other credit or liquidity instrument from or with a […]
A note is not subject to §§ 19–205 and 19–206 of this title.
A note is a valid and binding obligation of the issuing county in accordance with the terms of the note even if an official whose signature appears on the note: (1) ceases to be an official before the delivery of the note; or (2) becomes an official after the date of issue of the note.
The notes, the transfer of the notes, the interest payable on the notes, and any income derived from the notes, including profit realized in the sale or exchange of the notes, are exempt from State and local taxes.
(a) The authorizing resolution, and notes and agreements authorized under the authorizing resolution, are not subject to: (1) procedures required for legislative acts; or (2) referendum. (b) The authorizing resolution may include covenants regarding the payment of principal of and interest on the notes, notwithstanding any: (1) limitation in the county charter; (2) other public general law; or (3) public local law. […]
(a) (1) Except as provided in paragraph (2) of this subsection, an agreement entered under § 19–602(b) of this subtitle may include the provisions that the counties adopt in the authorizing resolution. (2) An agreement may not expire before the redemption or maturity of the notes issued under the agreement. (b) By agreement, two or more counties may establish […]
The authority to borrow money and issue notes granted to counties by this part 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.
