MD. Local Government Code Ann. §  19-206 (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 19-206 - Maturity of Bond Issue

    (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 public corporation or other political subdivision of the State; or            (iii)    an agency or instrumentality of a county, public corporation, or other political subdivision of the State.        (2)    This section does not apply to the following governmental entities:            (i)    Baltimore City;            (ii)    a municipality; or            (iii)    a housing authority under Division II of the Housing and Community Development Article.    (b)    (1)    This section does not apply to a bond that:            (i)    matures within 1 year after the date of issue and is issued:                1.    in anticipation of taxes;                2.    to meet current expenses; or                3.    to meet an emergency;            (ii)    is sold to the United States or a unit or instrumentality of the United States;            (iii)    is issued under a plan of composition approved in a proceeding under Chapter IX of the United States Bankruptcy Act; or            (iv)    is issued under any other plan to refund or refinance in exchange, bond for bond, for an outstanding maturing debt, other than:                1.    a current or floating debt; or                2.    a bond under item (i) of this paragraph.        (2)    This section does not apply to bond or grant anticipation notes issued under Part III of this subtitle.        (3)    This section does not apply to a bond issued under an enabling act that:            (i)    states that this section does not apply; or            (ii)    provides a different method for establishing the maturity of the bond.    (c)    (1)    A governmental entity shall issue bonds on a serial maturity plan.        (2)    The governmental entity may:            (i)    vary the amounts of the series; and            (ii)    provide for the maturity of a series in consecutive annual installments or at longer intervals.    (d)    (1)    The maturity date of the final series shall be based on the purpose for which the bonds are issued:            (i)    within the time limit that applies under the schedule in paragraph (2) of this subsection; or            (ii)    if more than one time limit applies, within the shortest applicable time limit.        (2)    The schedule of maturity dates is as follows:    Limit on Purpose of Issue                                                   Maturity of IssuePaving existing highways or streets     10 yearsAirports and buildings constructed or to be constructed thereon     15 yearsHighway construction     20 yearsElectric light and power systems     25 yearsGas systems     25 yearsGrade crossing eliminations     25 yearsHarbor improvements     25 yearsSchool construction     25 yearsAll other permanent structures of durable materials     25 yearsBridges     30 yearsLand acquired for permanent improvements     40 yearsSewerage installation     40 yearsWater systems     40 years