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§ 19-302. Authority to borrow money and issue bonds and tax anticipation notes

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 3. Creation of Public Debt--Municipalities (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-302
Formerly cited as MD CODE, Art. 23A, § 31; MD CODE, Art. 23A, § 38
§ 19-302. Authority to borrow money and issue bonds and tax anticipation notes
Currentness
General obligation bonds
(a) A municipality may:
(1) borrow money for any public purpose; and
(2) issue and sell general obligation bonds to evidence the borrowing.
Revenue bonds
(b) In its charter, a municipality 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 municipality.
Tax anticipation notes
(c)(1) Unless the charter of the municipality provides otherwise, in anticipation of the receipt of current taxes, a municipality may:
(i) borrow money for any public purpose; and
(ii) issue and sell tax anticipation notes to evidence the borrowing.
(2) The municipality shall pay the principal of and interest on tax anticipation notes when current taxes are received.
(3) Tax anticipation notes:
(i) shall be issued in accordance with § 19-303 of this subtitle; but
(ii) may be sold by private negotiations.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-302, MD LOCAL GOVT § 19-302
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