§ 9-104. Issuance of bond to finance purchase of voting system
West's Annotated Code of MarylandElection LawEffective: October 1, 2013
Effective: October 1, 2013
MD Code, Election Law, § 9-104
Formerly cited as MD CODE Art. 33, § 9-104
§ 9-104. Issuance of bond to finance purchase of voting system
(a) In this section, “bonds” means individual notes, bonds, or other evidences of indebtedness.
(b) A county may issue bonds to finance all or part of the costs of a voting system.
(c) A county may:
(8) The bonds shall have all the qualities and incidents of negotiable instruments under the Maryland Uniform Commercial Code.1
(e)(1) After payment of all costs and expenses incurred in connection with the preparation, sale, and delivery of the bonds, the entire proceeds from the sale of bonds issued under this section shall be used solely for the costs of the voting system for which the bonds were issued.
(f)(1) (i) In each fiscal year in which general obligation bonds issued under this section are outstanding, the county shall levy or cause to be levied ad valorem taxes, on all of the assessable property within the county, at a rate or in an amount sufficient to provide for or assure the payment of the principal of and interest on the bonds when and as they become due and payable.
(g) A bond issued under this section, its transfer, the interest payable on it, and the income from it, including any profit realized in the sale or exchange of it, shall at all times be and remain exempt from taxation of any kind and nature by:
Credits
Added by Acts 2002, c. 291, § 4, eff. Jan. 1, 2003. Amended by Acts 2013, c. 136, § 1, eff. Oct. 1, 2013.
Formerly Art. 33, § 9-104.
Footnotes
Commercial Law, § 1-101 et seq.
MD Code, Election Law, § 9-104, MD ELEC LAW § 9-104
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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