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§ 19-602. County borrowing authority

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 6. Creation of Public Debt--Public Schools (Refs & Annos)
Part I. Public Schools--in General (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-602
Formerly cited as MD CODE, Art. 31, § 33
§ 19-602. County borrowing authority
Currentness
Authorization; maximum amount
(a)(1) A county may borrow money and incur indebtedness through the issuance and sale of notes in anticipation of the receipt of any of the county's State share.
(2) The amount borrowed may not exceed at any one time the county's State share.
(3) In calculating the maximum principal amount of notes that may be outstanding, the State share may not be reduced with respect to any outstanding notes except on receipt by the county of money advanced by the State with respect to the State share and payment of notes with the money.
Multiple county consolidation
(b) A county may enter into an agreement with one or more counties to provide for the issuance and sale of consolidated notes in anticipation of the receipt of any of the aggregate State shares of the participating counties.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-602, MD LOCAL GOVT § 19-602
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