reglab/housing_qa huggingface dataset:
MD. Local Government Code Ann. §  19-201 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part I - Definitions|Section 19-201 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    (1)    “Bond” means an obligation for the payment of money, by whatever name known or source of funds secured, issued by a governmental entity under general or special statutory authority.        (2)    “Bond” includes:            (i)    a bond;            (ii)    a certificate of indebtedness;            (iii)    an interim certificate; and            (iv)    a note.    (c)    “Enabling act” means a law that authorizes a governmental entity to create a debt and sell bonds to evidence that debt.
MD. Local Government Code Ann. §  19-204 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part II - Conditions on Sale of Public Securities|Section 19-204 - Form of Bonds

    (a)    This section applies only to the following governmental entities:        (1)    a county;        (2)    a municipality;        (3)    a public corporation of the State;        (4)    a sanitary commission or district; and        (5)    a unit, public corporation, or other instrumentality of a county or a municipality.    (b)    Notwithstanding any other law, a governmental entity authorized to issue bonds may issue bonds in a form that qualifies as a registered form under §§ 103 and 149 of the Internal Revenue Code or a regulation adopted under those sections.    (c)    Whenever a governmental entity provides for the sale of bonds in registered form, the governmental entity may:        (1)    establish procedures for the registration and transfer of the bonds;        (2)    appoint any agent, including an authenticating trustee, corporate trustee, paying agent, registrar, or transfer agent;        (3)    in connection with the establishment and maintenance of a central depository system for the transfer or pledge of the bonds, make agreements with:            (i)    custodian banks and their nominees; or            (ii)    financial intermediaries and their nominees; and        (4)    exercise any other power that relates to issuance of bonds in registered form.
MD. Local Government Code Ann. §  19-208 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part II - Conditions on Sale of Public Securities|Section 19-208 - Small Denominations

    (a)    (1)    Except as provided in paragraph (2) of this subsection, this section applies only to the following governmental entities:            (i)    a county;            (ii)    a municipality;            (iii)    a public corporation of the State; and            (iv)    a political subdivision or an agency or instrumentality of a political subdivision of the State.        (2)    This section does not apply to Baltimore City.    (b)    A governmental entity authorized to issue bonds:        (1)    subject to the limitations in this section and notwithstanding any other law, if the governmental entity determines that it is in the public interest, may issue and sell bonds in denominations of $1,000 or less, in any form;        (2)    may sell the bonds in integral multiples; and        (3)    subject to any other provision of law, may set the prices for and the interest rates to be paid on the bonds.    (c)    (1)    A governmental entity may not have bonds outstanding under this section in excess of a total principal amount of the greater of:            (i)    $1,000,000; or            (ii)    10% of the total outstanding bonded indebtedness of the governmental entity at the time the bonds are issued.        (2)    The total debts of a governmental entity, including bonds under this section, may not exceed a limit set by law.    (d)    A governmental entity may sell bonds issued under this section in any manner that the governmental entity considers appropriate, notwithstanding §§ 19–205 and 19–206 of this subtitle or any other law that requires the solicitation of competitive bids or the public sale of bonds to the highest bidder or bidders or that regulates the manner in which the sale shall be advertised or the bonds sold.    (e)    (1)    A governmental entity that issues bonds under this section shall approve a disclosure document that includes:            (i)    a description of the security for the bonds;            (ii)    a statement of the purposes for which the proceeds of the bonds will be used;            (iii)    a description of the financial condition of the governmental entity;            (iv)    a statement of the prices for and the interest rates to be paid on the bonds; and            (v)    a statement of the times and places of payment of the principal of and interest on the bonds.        (2)    A governmental entity shall make the disclosure document available to buyers of the bonds.
MD. Local Government Code Ann. §  19-211 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-211 - Scope of Part

    (a)    Except as provided in subsection (b) of this section, this part applies only to the following governmental entities:        (1)    a county;        (2)    a municipality;        (3)    a public corporation or other political subdivision of the State; or        (4)    an instrumentality or agency of a county, public corporation, or other political subdivision of the State.    (b)    This part does not apply to a housing authority under Division II of the Housing and Community Development Article.
MD. Local Government Code Ann. §  19-212 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-212 - Authority to Issue

    (a)    A governmental entity authorized to issue bonds may issue and sell bond anticipation notes if, in the ordinance, resolution, or other form of official action that authorizes the notes, the governmental entity covenants to:        (1)    pay from the proceeds of the bonds in anticipation of the sale of which the notes are issued:            (i)    the principal of the notes; and            (ii)    to the extent that the interest on the notes is not paid from the proceeds of the sale of the notes, the interest on the notes; and        (2)    issue the bonds as soon as there is no longer a reason for deferring their issuance.    (b)    A governmental entity may issue and sell grant anticipation notes in anticipation of the receipt of a grant from the United States, the State, or any of their units if, in the ordinance, resolution, or other form of official action that authorizes the notes, the governmental entity covenants to pay from the proceeds of the grant in anticipation of the receipt of which the notes are issued:        (1)    the principal of the notes; and        (2)    the interest on the notes.
MD. Local Government Code Ann. §  19-213 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-213 - Ordinance or Resolution

    (a)    Bond and grant anticipation notes issued under this part shall be authorized by ordinance, resolution, or other form of official action customarily used by the governmental entity.    (b)    (1)    The ordinance, resolution, or other form of official action that authorizes the bond or grant anticipation notes shall state:            (i)    the authority for the notes and, if the notes are bond anticipation notes, the authority for the bonds;            (ii)    the amount of notes authorized; and            (iii)    the terms of the notes.        (2)    The ordinance, resolution, or other form of official action shall specify that the notes:            (i)    be sold in a certain manner, at public sale or, if the governmental entity considers private negotiation to be in its best interest, at private sale;            (ii)    mature at certain times;            (iii)    bear interest at certain rates or at rates to be determined in the manner stated in the ordinance, resolution, or other form of official action; and            (iv)    be sold for certain prices or for prices to be determined in the manner stated in the ordinance, resolution, or other form of official action, which may be at, above, or below par.        (3)    The ordinance, resolution, or other form of official action may provide that the notes:            (i)    be in one or more series, as money is required; and            (ii)    be renewable at maturity with or without resale.
MD. Local Government Code Ann. §  19-214 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-214 - Amount of Notes

    (a)    A governmental entity may not issue bond anticipation notes under this part in a total principal amount that exceeds the authorized amount of the bonds in anticipation of the sale of which the notes are issued and sold.    (b)    A governmental entity may not issue grant anticipation notes under this part in a total amount, including interest, that exceeds the amount of the grant in anticipation of the receipt of which the notes are issued and sold.
MD. Local Government Code Ann. §  19-215 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-215 - Written Commitment

    Grant anticipation notes may not be sold under this part until the governmental entity receives from the grantor a written commitment for the grant.
MD. Local Government Code Ann. §  19-216 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-216 - Signing of Notes

    (a)    A bond anticipation note may not be issued under this part unless it is signed, endorsed, or guaranteed in the manner required by law for the bonds in anticipation of which the note is issued.    (b)    A bond or grant anticipation note is valid and binding in accordance with its terms notwithstanding that:        (1)    an official whose signature appears on the note is no longer an official when the note is delivered; or        (2)    an official whose signature appears on the note became an official after the note was issued.
MD. Local Government Code Ann. §  19-217 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-217 - Payment of Principal and Interest

    (a)    (1)    The principal of and interest on bond anticipation notes under this part shall be payable from:            (i)    the first proceeds of sale of the bonds; or            (ii)    the tax or other revenue that the governmental entity has pledged to the payment of the bonds.        (2)    One year’s interest on the notes, or on any renewal of the notes, accounting from the date of the initial issue of the notes, may be paid from the proceeds of sale of the notes.    (b)    (1)    Subject to paragraphs (2) and (3) of this subsection, the principal of and interest on grant anticipation notes under this part shall be payable from the proceeds of the grant.        (2)    The governmental entity may make the grant anticipation notes payable only from the proceeds of the grant and need not pledge the faith and credit or taxing power of the governmental entity.        (3)    If the governmental entity does not pledge its faith and credit or taxing power, the grant anticipation notes are not a debt or charge against the general credit or taxing power of the governmental entity under any constitutional provision, charter provision, or statutory limitation.
MD. Local Government Code Ann. §  19-218 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-218 - Proceeds of Sale of Bond Anticipation Notes

    The proceeds of sale of bond anticipation notes shall be spent:        (1)    first, for payment of the expenses of issuance of the notes; and        (2)    then, subject to § 19–217(a)(2) of this subtitle, only for the public purposes for which the bonds are authorized.
MD. Local Government Code Ann. §  19-219 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-219 - Interest Rate Limit on Bonds

    (a)    (1)    Except for the provisions of this section, each governmental entity shall comply with the provisions, requirements, and limitations in the enabling act.        (2)    If a governmental entity is unable to sell bonds to pay the bond anticipation notes under this part when due because of an interest rate limitation in the enabling act, the governmental entity may:            (i)    issue bonds in a total principal amount sufficient to pay the principal of and not more than 1 year’s interest on the notes; and            (ii)    provide for payment of interest on the bonds at a rate that is higher than the interest rate limitation in the enabling act.        (3)    This section is supplemental authority for a governmental entity to issue bonds free of an interest rate limitation to pay outstanding bond anticipation notes under this part.    (b)    The ordinance, resolution, or other form of official action that authorizes the issuance of bonds under subsection (a)(2) of this section shall refer to:        (1)    the enabling act; and        (2)    this section.
MD. Local Government Code Ann. §  19-220 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-220 - Commercial Paper

    (a)    A governmental entity may issue bond or grant anticipation notes under this part as notes in the nature of commercial paper.    (b)    A bond or grant anticipation note issued as a note in the nature of commercial paper may be secured by:        (1)    a trust indenture with a trust company, or a bank with powers of a trust company, in or outside the State; and        (2)    a letter of credit, line of credit, or other credit arrangement from or with a lending institution.    (c)    (1)    For bond anticipation notes, the credit arrangement may be made payable out of:            (i)    the first proceeds of sale of the bonds; or            (ii)    the tax or other revenue that the governmental entity has pledged to payment of the principal of and interest on the bonds.        (2)    For grant anticipation notes, the credit arrangement may be made payable out of the proceeds of the grant.
MD. Local Government Code Ann. §  19-221 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part III - Bond and Grant Anticipation Notes|Section 19-221 - Exemption From Taxation

    The following obligations are exempt from State and local taxation:        (1)    a bond or grant anticipation note issued under this part;        (2)    a bond issued to pay the notes issued under item (1) of this section; and        (3)    the interest on the obligations.
MD. Local Government Code Ann. §  19-224 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part IV - Miscellaneous Provisions|Section 19-224 - Bonds to Be Considered Investment Securities

    (a)    This section applies only to the following governmental entities:        (1)    a county;        (2)    a municipality;        (3)    a public corporation or other political subdivision of the State; and        (4)    any instrumentality or agency of a county, municipality, public corporation, or other political subdivision of the State.    (b)    (1)    A bond or grant anticipation note issued under Part III of this subtitle shall be considered investment securities to the extent set forth in this section.        (2)    If a bond issued by a governmental entity otherwise complies with the requirements of the Commercial Law Article for investment securities, the bond shall be considered to be an investment security notwithstanding that:            (i)    the ordinance, resolution, or other authority under which the bond is issued subjects the bond to an indenture or agreement that is separate from the ordinance, resolution, or authority;            (ii)    the ordinance, resolution, or other authority under which the bond is issued limits payment of principal and interest to:                1.    the proceeds of limited sources of revenue; or                2.    a special fund established for that purpose;            (iii)    any law limits payment of principal and interest to a certain amount or rate of tax that may be imposed; or            (iv)    principal or interest are registrable.    (c)    A bond that is considered to be an investment security under subsection (b) of this section has all the attributes of an investment security that are possessed by a bond that is:        (1)    issued on the full faith and credit of the governmental entity;        (2)    payable to bearer; and        (3)    secured as to the payment of principal and interest by the unlimited taxing power of the governmental entity.
MD. Local Government Code Ann. §  19-227 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-227 - Definitions

    (a)    In this part the following words have the meanings indicated.    (b)    “Chief executive officer” means the county executive, mayor, president, chairman, or similar official of a governmental entity.    (c)    “Financial officer” means the controller, the director of finance, or similar official of a governmental entity.    (d)    “Internal Revenue Code” means the Internal Revenue Code of 1986 and includes regulations and rulings issued under that Code.    (e)    (1)    “Proceeds” means money received from the sale of bonds.        (2)    “Proceeds” includes any money deemed to be proceeds of bonds under the Internal Revenue Code.
MD. Local Government Code Ann. §  19-228 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-228 - Scope of Part

    This part applies only to the following governmental entities:        (1)    a county;        (2)    a municipality;        (3)    a public corporation of the State;        (4)    a sanitary commission or district; and        (5)    a unit, public corporation, or other instrumentality of a county or a municipality.
MD. Local Government Code Ann. §  19-229 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-229 - Establishment of Funds; Management of Proceeds

    (a)    The financial officer may establish and maintain funds and accounts for the administration, management, investment, and accounting of proceeds, including any investment earnings on proceeds, that may be necessary or appropriate to comply with the Internal Revenue Code and to establish or maintain the exclusion from gross income for federal income tax purposes of interest on the bonds.    (b)    (1)    The financial officer may manage and invest proceeds, including any investment earnings on proceeds, in a manner so as to maintain the exclusion from gross income for federal income tax purposes of interest on the bonds.        (2)    The financial officer may restrict the yields on investments of proceeds if and to the extent necessary to maintain the exclusion from gross income for federal income tax purposes of interest on the bonds.    (c)    The financial officer may prepare and maintain records of the receipt, deposit, investment, management, disbursement, and application of proceeds, including any investment earnings on proceeds, that may be necessary or appropriate from time to time to comply with the Internal Revenue Code and to maintain or verify the exclusion from gross income for federal income tax purposes of interest on the bonds.
MD. Local Government Code Ann. §  19-230 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-230 - Rebate Fund

    (a)    The financial officer may establish a separate rebate fund to be used to make any payments to the United States with respect to investment earnings on proceeds that may be required by the Internal Revenue Code.    (b)    There may be separate accounts within the rebate fund.    (c)    Amounts deposited to the rebate fund shall be used only for the purpose of making rebate payments, and no appropriation will be required before payment of any required rebates from the rebate fund to the United States.    (d)    The financial officer may make payments from the rebate fund as required in order to:        (1)    comply with the Internal Revenue Code; and        (2)    maintain the exclusion from gross income for federal income tax purposes of interest on the bonds.    (e)    Any excess money held in the rebate fund with respect to an issue of bonds after all required rebate payments for that issue have been made, as certified by the financial officer, shall be applied in a manner consistent with the Internal Revenue Code.
MD. Local Government Code Ann. §  19-231 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-231 - Filing of Reports

    The financial officer may prepare and file with the appropriate agency of the United States any forms, information, and reports with respect to the bonds and the expenditure and investment of proceeds that may be required under the Internal Revenue Code.
MD. Local Government Code Ann. §  19-232 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-232 - Additional Authority

    For purposes of doing whatever is necessary or appropriate to comply with the Internal Revenue Code and to establish or maintain the exclusion from gross income for federal income tax purposes of interest on the bonds, the financial officer and the chief executive officer may each:        (1)    take any other or further actions;        (2)    enter into any agreement or covenant regarding the use of proceeds, including any investment earnings on proceeds, the deposit of money to the rebate fund, and the making of rebate payments; and        (3)    provide certifications of facts and estimates.
MD. Local Government Code Ann. §  19-233 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 19 - Public Debt|Subtitle 2 - Public Securities|Part V - Bond Proceeds Management|Section 19-233 - Bonds With Nonexcludable Interest

    This part does not prevent the governing authority of a governmental entity from authorizing the issuance and sale of bonds the interest on which is not excludable from gross income for federal income tax purposes.