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§ 5-603. Payment of bonds

West's Annotated Code of MarylandEducation

West's Annotated Code of Maryland
Education (Refs & Annos)
Division II. Elementary and Secondary Education [Titles 2-9.5] (Refs & Annos)
Title 5. Financing (Refs & Annos)
Subtitle 6. Authorization to Issue Bonds to Fund Public School Construction (Refs & Annos)
MD Code, Education, § 5-603
§ 5-603. Payment of bonds
Currentness
In general
(a) Bonds issued under this subtitle constitute an irrevocable pledge of the full faith and credit and unlimited taxing power of the county to the payment of the principal of and interest on the bonds when the bonds become payable.
Levy of ad valorem taxes by county
(b)(1) Except as provided in paragraph (2) of this subsection, in every fiscal year in which any of the bonds are outstanding, the county shall levy ad valorem taxes on all assessable property within the corporate limits of the county in an amount sufficient to make payments, when due, on the principal of and interest on the bonds.
(2) If other funds are available to pay the principal of and interest on the bonds, the county may reduce the taxes that would otherwise need to be levied under this section.
Application of funds to payment of principal and interest
(c) The county may apply funds received from any source to the payment of the principal of and interest on the bonds.

Credits

Added by Acts 2004, c. 306, § 1, eff. July 1, 2004; Acts 2004, c. 307, § 1, eff. July 1, 2004. Amended by Acts 2005, c. 25, § 1, eff. April 12, 2005.
MD Code, Education, § 5-603, MD EDUC § 5-603
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.
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