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§ 19-505. Limitations on authority to issue bonds

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 5. Creation of Public Debt--Code Counties (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-505
Formerly cited as MD CODE, Art. 25B, § 16
§ 19-505. Limitations on authority to issue bonds
Currentness
Maturity date
(a) A county may not issue bonds that mature later than 40 years after the date of issue.
Consideration
(b) A county may issue bonds only for cash.
Sale at par value
(c) A county may not sell bonds at less than par value.
Approval by voters
(d) If a legally sufficient referendum petition on a public local law authorizing the issuance of bonds is properly filed with the county board of elections, the bonds may be issued only if the public local law is approved by a majority of the voters voting on the question.
Conditions of sale
(e) Any bonds sold by a county are subject to §§ 19-205 and 19-206 of this title, unless the public local law authorizing the bonds provides a specific exemption.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-505, MD LOCAL GOVT § 19-505
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