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§ 1-1107. Bonds--Intent; procedures; restrictions

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

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 11. Clean Energy Loan Programs (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 1-1107
Formerly cited as MD CODE, Art. 24, § 9-1504
§ 1-1107. Bonds--Intent; procedures; restrictions
Currentness
Legislative intent
(a) A county or municipality may incur general obligation debt for the purposes under this subtitle.
Procedures for bond authorizations
(b) Subject to subsection (c) of this section, a county or municipality may issue bonds to finance loans made under a program in accordance with the procedures of the county or municipality for authorization to sell and issue other evidences of indebtedness.
Restrictions on bond issuance
(c) A bond issued in accordance with an ordinance or a resolution that pledges the full faith and credit of a county or municipality is subject to:
(1) any applicable requirement of the Maryland Constitution and the county's or municipality's charter and laws on referendum for the issuance of general obligation debt; and
(2) any limitation imposed by public general law, public local law, or charter on general obligation debt of the county or municipality.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 1-1107, MD LOCAL GOVT § 1-1107
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