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§ 21-210. Financing projects on countywide basis

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 21. Special Taxing Districts (Refs & Annos)
Subtitle 2. Erosion Prevention Projects (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 21-210
Formerly cited as MD CODE, Art. 25, § 163A
§ 21-210. Financing projects on countywide basis
Currentness
Applicability of subtitle
(a) Except as otherwise provided in this section, this subtitle applies to any project undertaken and any bonds, notes, or other evidence of indebtedness issued under this section.
Purpose of section
(b) The purpose of this section is to provide an alternative means to finance projects on a countywide basis, for which the governing body of the county does not sit as a district council.
Funding of countywide projects
(c)(1) The governing body of a county may pay not more than 25% of the cost of any project in the county through the issuance of bonds, notes, or other evidence of indebtedness.
(2) If the governing body pays for a portion of a project under this subsection, the governing body may accept any of the remaining cost of the project from:
(i) the State;
(ii) the federal government; or
(iii) any unit of the State or federal government.
Requirements
(d)(1) Except as provided in paragraph (2) of this subsection, any bond, note, or other evidence of indebtedness issued under this section shall be issued as provided in this subtitle.
(2) Any bond, note, or other evidence of indebtedness issued under this section:
(i) is not a district obligation; and
(ii) shall have its payments of principal and interest met by a countywide tax.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 21-210, MD LOCAL GOVT § 21-210
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