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§ 19-304. Limitations on authority to 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, § 19-304
Formerly cited as MD CODE, Art. 23A, § 34
§ 19-304. Limitations on authority to issue bonds and tax anticipation notes
Currentness
Maturity date
(a)(1) A municipality may not issue bonds that mature later than 40 years after the date of issue.
(2) A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue.
Consideration
(b) A municipality may issue bonds and tax anticipation notes only for cash.
Sale at par value
(c) A municipality may not sell bonds or tax anticipation notes at less than par value.
Approval by voters
(d)(1) If the charter of a municipality requires a referendum on the issuance of municipal bonds, the bonds may be issued only if the bonds are approved by a majority of voters voting on the question.
(2) If the referendum fails, another referendum may not be held on the question of issuing bonds for the same public purpose until 1 year after the election.
Notice
(e) A municipality may not sell bonds unless the municipality:
(1) solicits competitive bids at a public sale; and
(2) publishes notice of the bond sale:
(i) in the form required by the resolution or ordinance;
(ii) in a newspaper of general circulation in the municipality and any other publication that is specified in the resolution or ordinance; and
(iii) two times over a period of at least 10 days before the date specified for the bond sale.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-304, MD LOCAL GOVT § 19-304
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