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§ 19-219. Interest rate limit on bonds

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 2. Public Securities (Refs & Annos)
Part III. Bond and Grant Anticipation Notes (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-219
Formerly cited as MD CODE, Art. 31, § 12
§ 19-219. Interest rate limit on bonds
Currentness
In general
(a)(1) Except for the provisions of this section, each governmental entity shall comply with the provisions, requirements, and limitations in the enabling act.
(2) If a governmental entity is unable to sell bonds to pay the bond anticipation notes under this part when due because of an interest rate limitation in the enabling act, the governmental entity may:
(i) issue bonds in a total principal amount sufficient to pay the principal of and not more than 1 year's interest on the notes; and
(ii) provide for payment of interest on the bonds at a rate that is higher than the interest rate limitation in the enabling act.
(3) This section is supplemental authority for a governmental entity to issue bonds free of an interest rate limitation to pay outstanding bond anticipation notes under this part.
Citation of authority
(b) The ordinance, resolution, or other form of official action that authorizes the issuance of bonds under subsection (a)(2) of this section shall refer to:
(1) the enabling act; and
(2) this section.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-219, MD LOCAL GOVT § 19-219
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document