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§ 19-1003. Payment

West's Annotated Code of MarylandLocal GovernmentEffective: July 1, 2021

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 10. Public Debt--Grants and Loans for Septic Upgrades (Refs & Annos)
Effective: July 1, 2021
MD Code, Local Government, § 19-1003
§ 19-1003. Payment
Currentness
Principal
(a) The principal of the notes may be paid from:
(1) the county's allocation of funds from the special account of the Bay Restoration Fund established under § 9-1605.2(h) of the Environment Article; and
(2) any other revenues that are pledged to the payment of the notes in the authorizing resolution.
Interest
(b) The interest on the notes may be paid from:
(1) any revenues, other than the county's allocation of funds from the special account of the Bay Restoration Fund, that are pledged to the payment of the notes in the authorizing resolution; or
(2) money made available to the county to finance upgrades to on-site sewage disposal systems from:
(i) the State or a unit of the State, except for the funds from the special account of the Bay Restoration Fund allocated under this subtitle for grants and loans;
(ii) the federal government or a unit of the federal government; or
(iii) any other source.
County's full faith and credit
(c)(1) A county may pledge its full faith and credit and taxing power to the payment of the principal of and interest on the notes in the authorizing resolution.
(2) A county that makes a pledge under paragraph (1) of this subsection shall, in each fiscal year that any of the notes are outstanding, impose ad valorem taxes on all assessable property in the county at a rate and amount sufficient to pay the principal of and interest on the notes maturing in that fiscal year.
(3) If the proceeds from the taxes imposed in any fiscal year prove inadequate for the payment, the county shall impose additional taxes in the succeeding fiscal year to make up the deficiency.

Credits

Added by Acts 2021, c. 277, § 1, eff. July 1, 2021; Acts 2021, c. 278, § 1, eff. July 1, 2021.
MD Code, Local Government, § 19-1003, MD LOCAL GOVT § 19-1003
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