§ 3-518. Power of county to borrow bond proceeds and enter into agreements
West's Annotated Code of MarylandTransportation
MD Code, Transportation, § 3-518
§ 3-518. Power of county to borrow bond proceeds and enter into agreements
(a) Counties may borrow the proceeds of bonds issued under this subtitle and enter into agreements with the Department evidencing the counties' obligation to repay such loans, pursuant to such terms and conditions as the Department and the counties deem appropriate.
(b) A county may enter into any agreement necessary or appropriate to allow it to participate in a bond issue under this subtitle.
(c) An agreement authorized by this subsection may have such provisions, terms, and conditions, and may be of such duration, as the county by ordinance or resolution may determine.
(d) Except as provided in subsection (f) of this section, any payment obligation in an agreement authorized by this section may be either:
(e) A payment obligation in an agreement authorized by this section may be undertaken by a county pursuant to a public or private sale, with or without public bidding.
(f) If a State constitutional provision limits a county in undertaking a payment obligation described in this section or requires a county to comply with certain procedures prior to undertaking a payment obligation described in this section, the county may provide that the payment obligation:
(g) The obligations undertaken under this subtitle by participating counties, the borrowing which they represent, any pledge of the full faith and credit of the participating counties or any other guarantee of the participating counties, and the programs or projects being financed are not subject to any requirement of charter or local law as to the form or public sale of bonds or obligations of the counties.
Credits
Added by Acts 1993, c. 539. Amended by Acts 2008, c. 36, § 6, eff. April 8, 2008.
MD Code, Transportation, § 3-518, MD TRANS § 3-518
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.
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