(a) This subtitle applies only to: (1) charter counties; (2) code counties; and (3) municipalities. (b) This subtitle applies only to a pension or retirement plan or system: (1) that is closed to new membership; and (2) under which a county or municipality is directly or indirectly obligated to pay or cause to be paid retirement, disability, death, or other benefits.
The General Assembly finds that it is in the best interests of the charter counties, code counties, and municipalities and the residents of the State to authorize each charter county, code county, or municipality to issue bonds in order to fund any unfunded liability of the county or municipality with respect to any pension or […]
(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 […]
(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 […]
(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 […]
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 […]
(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 […]
