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§ 9-256. Sources and expenditure of funds

West's Annotated Code of MarylandEnvironment

West's Annotated Code of Maryland
Environment
Title 9. Water, Ice, & Sanitary Facilities (Refs & Annos)
Subtitle 2. Regulation by State (Refs & Annos)
Part IV. Miscellaneous Provisions
MD Code, Environment, § 9-256
§ 9-256. Sources and expenditure of funds
Currentness
Raising funds necessary to comply with order of the Secretary
(a) If the Secretary serves an order on the State or any county, municipal corporation, or public water supply, sewerage, or sanitary district, the appropriate official or department of the State, county, municipal corporation, or district shall raise any funds that are necessary to comply on time with the order of the Secretary.
Issuance of bonds or notes
(b) If the Governor and the Attorney General approve, a county, municipal corporation, or public water supply, sewerage, or sanitary district may raise funds under subsection (a) of this section by issuing bonds, stock, or notes without legislative authority other than this section.
Referendum not required
(c) The question of whether to issue bonds, stock, or notes under this section need not be put to a referendum of the voters.
Proceeds of any bonds, stock, or notes
(d) The proceeds of any bonds, stock, or notes issued under this section:
(1) Constitute a sanitary fund; and
(2) May be used only to carry out the order of the Secretary.
Indebtedness; exemption from taxation
(e)(1) The total amount of all bonds, stock, and notes being issued at any time under this section, together with all bonds, stock, and notes then outstanding from prior issues under this section or any predecessor of this section, may not exceed 5% of the total value of all property that, at the time of issue, is listed and assessed for taxation in the county, municipal corporation, or district.
(2) The indebtedness authorized by this section is in addition to the total indebtedness otherwise permitted by law.
(3) Bonds, stock, and notes issued under this section are:
(i) Forever exempt from State, county, and municipal taxation;
(ii) A lien on all property in the jurisdiction that issues the bonds, stock, or notes; and
(iii) Payable in the same manner as bonds issued by municipal authorities under Part II of Subtitle 7 of this title.
Secretary approval for expenditures
(f) Unless the Secretary approves the expenditure, including the amount of the expenditure, neither the State nor any county, municipal corporation, or public water supply, sewerage, or sanitary district may spend any public money for any of the purposes of this subtitle.

Credits

Added by Acts 1987, c. 612, § 2.
MD Code, Environment, § 9-256, MD ENVIR § 9-256
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document