reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 1 - General Provisions › Section 19-101 - Consolidated Public Improvement Bonds

(a)    (1)    In authorizing the sale of municipal bonds, the governing body of a county, the commissioners of finance for Baltimore City, and the commissioners of the Washington Suburban Sanitary Commission, by resolution, may provide that loans authorized to be incurred and bonds authorized to be sold by separate acts of enabling legislation be consolidated for sale and issued, sold, and delivered as a single issue of bonds, regardless of when the enabling legislation authorizing any loan or the sale of any bonds evidencing a loan was enacted.
(2)    A resolution under paragraph (1) of this subsection is not a legislative act.
(b)    (1)    A consolidated issue of municipal bonds made under this section shall be designated as consolidated public improvement bonds of the issuing authority of the year in which the bonds are to be dated.
(2)    A resolution authorizing the issuance and sale of consolidated public improvement bonds may specify all matters relating to the advertisement, sale, issuance, delivery, and payment of the bonds, including:
(i)    the forms, dates, and denominations of the bonds;
(ii)    the principal maturities;
(iii)    the methods to be used in determining interest payable on the bonds; and
(iv)    any provisions for:
1.    registration;
2.    redemption before stated maturity; and
3.    the use of facsimile signatures or seals.
(c)    (1)    Notice of the public sale of consolidated public improvement bonds:
(i)    shall be made at least once in a newspaper of general circulation in the county, Baltimore City, or the Washington Suburban Sanitary District; and
(ii)    also may be made in a newspaper which circulates primarily among bankers and investors.
(2)    At least one notice of public sale shall be made at least 10 days before the sale.
(d)    After deduction of the expenses of the sale of consolidated public improvement bonds, the net proceeds shall be applied in the manner and for the purposes designated in the separate underlying acts of enabling legislation.
(e)    The provisions of this section supersede any inconsistent provision of law.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 1 - General Provisions › Section 19-102 - Duties of County Financial Officer

(a)    This section applies to a financial officer who is entrusted with the duty of investing the sinking funds or other funds accumulated or to be accumulated for the retirement of debts or other obligations of a county, municipality, public corporation, special district, or political subdivision of the State.
(b)    If a State or local law requires a financial officer to invest any portion of a sinking fund or other funds accumulated or to be accumulated for the retirement of debts or other obligations, the financial officer shall invest the funds in the following classes of securities:
(1)    the bonds or other obligations for the retirement of which the sinking fund is or will be created;
(2)    the bonds, stock, or other valid obligations of the State or of any county, municipality, public corporation, special district, or other political subdivision of the State;
(3)    the bonds or other obligations of the United States;
(4)    United States Treasury Certificates; or
(5)    bonds of any public corporation or other body, guaranteed as to payment of principal and interest by the United States.
(c)    If a financial officer purchases a security under subsection (b) of this section at a premium, the financial officer shall make adjustments out of the interest received from the security to reimburse any sinking fund in the custody of the financial officer for the premium paid before the maturity of the security.
(d)    A security purchased under subsection (b) of this section that may be registered shall be registered in the name of the financial officer for the purpose for which the security is purchased.
(e)    (1)    Pending investment or reinvestment, a financial officer shall deposit any uninvested money or other funds belonging to a sinking fund described in subsection (a) of this section in a banking institution or trust company located in the State.
(2)    The financial officer shall demand adequate security from the banking institution or trust company for the amount of the deposit in excess of the guarantee of the Federal Deposit Insurance Corporation.
(3)    The security may consist of:
(i)    any of the classes of securities listed in subsection (b) of this section; or
(ii)    a surety bond of a corporate surety company qualified to do business in the State.
(4)    A deposit may not be made unless security is provided in accordance with this subsection.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 1 - General Provisions › Section 19-103 - Security for Borrowing in Anne Arundel and Prince George's Counties

(a)    (1)    Any charter provision of Anne Arundel County or Prince George’s County that requires or has the effect of requiring the county to pledge unlimited taxing powers, as to either the rate or amount, for the repayment of county debt may not be given effect if any later adopted charter provision is inconsistent with the pledge.
(2)    Paragraph (1) of this subsection applies to all bonds issued by Anne Arundel County or Prince George’s County before June 30, 1981.
(b)    To secure the payment of the principal of and interest on debt, Anne Arundel County or Prince George’s County, by charter provision or legislative act, may:
(1)    create, pledged for payment of principal of and interest on debt:
(i)    a sinking fund;
(ii)    a debt service fund;
(iii)    a debt service reserve fund; or
(iv)    any other trust fund, including a fund held by a corporate trustee;
(2)    if sufficient money for the timely payment of principal of and interest on debt is not available or if there is a default in payment, provide that the first received general fund revenues of the county shall be applied to payment of principal of and interest on debt in an amount sufficient to:
(i)    make a payment when due; or
(ii)    cure the default; and
(3)    pledge any county revenue to pay principal of and interest on the debt.
(c)    A charter provision of Anne Arundel County or Prince George’s County may not impair or be construed to impair the obligation of the county to impose and collect taxes to provide for the payment when due of principal of and interest on bonds of the county, or on bonds guaranteed by the county, if:
(1)    the county has pledged unlimited taxing powers to the bonds; and
(2)    the bonds are outstanding on the effective date of the charter provision.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 1 - General Provisions › Section 19-104 - Calvert County -- Private Activity Bond Issuance Fee

The County Commissioners of Calvert County:
(1)    may charge a fee for the issuance of tax–exempt private activity bonds; and
(2)    shall dedicate the proceeds of the fee to the Economic Development Loan Fund of the county.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 1 - General Provisions › Section 19-106 - Harford County -- Collateral for Deposit of Funds

Notwithstanding any other law, the pledge of any bonds or obligations issued on the full faith and credit of Harford County or any general obligation bonds of the State shall be accepted as sufficient collateral for the deposit of any money of Harford County.
2023 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.
2023 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.
2023 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 Issue
Paving existing highways or streets     10 years
Airports and buildings constructed or to be constructed thereon     15 years
Highway construction     20 years
Electric light and power systems     25 years
Gas systems     25 years
Grade crossing eliminations     25 years
Harbor improvements     25 years
School construction     25 years
All other permanent structures of durable materials     25 years
Bridges     30 years
Land acquired for permanent improvements     40 years
Sewerage installation     40 years
Water systems     40 years
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 2 - Public Securities › Part VI - Interest Rate Exchange Agreements › Section 19-236 - Interest Rate Exchange Agreement or Contracts

(a)    Notwithstanding any other law and in addition to any other authority, to improve the management of debt service or interest rate risks on its bonds or to reduce the cost of servicing its bonds, the governing body of a county may enact, by local law or resolution, authority for the county to:
(1)    enter into interest rate exchange agreements providing for payments based on levels of or changes in interest rates; and
(2)    appoint any agents necessary to implement and administer the agreements.
(b)    (1)    A county that proposes to enter into one or more interest rate exchange agreements shall enact a local law or resolution that authorizes the transaction on the terms and conditions established by the county in the local law or resolution.
(2)    (i)    In the local law or resolution that authorizes the transaction or in a separate resolution, the county may provide for the final form and the final terms and provisions of the agreement, after giving due consideration to the creditworthiness of the counterparty.
(ii)    The county may delegate to an officer, an official, a board, or an agency of the county specified in the local law or resolution the power to provide for the final form and the final terms and provisions of the agreement, after giving due consideration to the creditworthiness of the counterparty.
(c)    An interest rate exchange agreement may be entered into in connection with, or incidental to, any bonds of the county.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 3 - Creation of Public Debt -- Municipalities › Section 19-301 - Conflict With Charter; Authority to Adopt Charter Amendments and to Exercise Powers

(a)    In its charter, each municipality may provide a procedure to borrow money for any public purpose that is different from the procedure described in this subtitle.
(b)    If a conflict exists between this subtitle and the charter of a municipality, the charter controls.
(c)    Notwithstanding this subtitle or the charter of the municipality, each municipality may exercise all powers granted to municipalities under Title 9 of the Environment Article.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 3 - Creation of Public Debt -- Municipalities › Section 19-302 - Authority to Borrow Money and Issue Bonds and Tax Anticipation Notes

(a)    A municipality may:
(1)    borrow money for any public purpose; and
(2)    issue and sell general obligation bonds to evidence the borrowing.
(b)    In its charter, a municipality may provide for the issuance of revenue bonds payable as to principal and interest solely from the revenues of one or more revenue–producing projects of the municipality.
(c)    (1)    Unless the charter of the municipality provides otherwise, in anticipation of the receipt of current taxes, a municipality may:
(i)    borrow money for any public purpose; and
(ii)    issue and sell tax anticipation notes to evidence the borrowing.
(2)    The municipality shall pay the principal of and interest on tax anticipation notes when current taxes are received.
(3)    Tax anticipation notes:
(i)    shall be issued in accordance with § 19–303 of this subtitle; but
(ii)    may be sold by private negotiations.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 3 - Creation of Public Debt -- Municipalities › Section 19-304 - Limitations on Authority to Issue Bonds and Tax Anticipation Notes

(a)    (1)    A municipality may not issue bonds that mature later than 40 years after the date of issue.
(2)    A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue.
(b)    A municipality may issue bonds and tax anticipation notes only for cash.
(c)    A municipality may not sell bonds or tax anticipation notes at less than par value.
(d)    (1)    If the charter of a municipality requires a referendum on the issuance of municipal bonds, the bonds may be issued only if the bonds are approved by a majority of voters voting on the question.
(2)    If the referendum fails, another referendum may not be held on the question of issuing bonds for the same public purpose until 1 year after the election.
(e)    A municipality may not sell bonds unless the municipality:
(1)    solicits competitive bids at a public sale; and
(2)    publishes notice of the bond sale:
(i)    in the form required by the resolution or ordinance;
(ii)    in a newspaper of general circulation in the municipality and any other publication that is specified in the resolution or ordinance; and
(iii)    two times over a period of at least 10 days before the date specified for the bond sale.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 3 - Creation of Public Debt -- Municipalities › Section 19-307 - Investment of Sinking Fund and Bond Proceeds

(a)    A fiscal officer of a municipality who has custody of a sinking fund established by the municipality to pay the principal of or the interest on bonds issued in accordance with the charter of the municipality or this subtitle may invest the sinking fund only as provided in § 19–102 of this title.
(b)    A fiscal officer of a municipality who has custody of bond proceeds may invest the proceeds as provided in §§ 17–101 and 17–102 of this article.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 5 - Creation of Public Debt -- Code Counties › Section 19-503 - Authority to Borrow Money and Issue Bonds

(a)    A county may:
(1)    borrow money for any public purpose; and
(2)    issue and sell general obligation bonds to evidence the borrowing.
(b)    By local law, a county may provide for the issuance of revenue bonds payable as to principal and interest solely from the revenues of one or more revenue–producing projects of the county.
(c)    Notwithstanding any other provision of this subtitle, a county may issue bonds:
(1)    for sanitary facilities as provided in the Environment Article; and
(2)    as authorized by local law in effect on the date the county adopts code home rule.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 5 - Creation of Public Debt -- Code Counties › Section 19-505 - Limitations on Authority to Issue Bonds

(a)    A county may not issue bonds that mature later than 40 years after the date of issue.
(b)    A county may issue bonds only for cash.
(c)    A county may not sell bonds at less than par value.
(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.
(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.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 5 - Creation of Public Debt -- Code Counties › Section 19-508 - Investment of Sinking Fund and Bond Proceeds

(a)    A county fiscal officer who has custody of a sinking fund established by the county to pay the principal of or the interest on bonds issued in accordance with this subtitle may invest the sinking fund only as provided in § 19–102 of this title.
(b)    A county fiscal officer who has custody of bond proceeds may invest the proceeds as provided in §§ 17–101 and 17–102 of this article.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-601 - Definitions

(a)    In this part the following words have the meanings indicated.
(b)    “Authorizing resolution” means an administrative resolution adopted by the legislative body of a county.
(c)    “County” includes a combination of two or more counties that have entered into an agreement under this part.
(d)    (1)    “Note” means an evidence of indebtedness of a county issued under this part.
(2)    “Note” includes:
(i)    a bond;
(ii)    commercial paper;
(iii)    a refunding bond;
(iv)    a refunding note; and
(v)    any other obligation.
(e)    “State share”, with reference to a particular county on a particular date, means the aggregate amount of the anticipated State share of the costs of public school construction and capital improvements under § 5–303 of the Education Article that:
(1)    has been approved by the Board of Public Works; and
(2)    has not been advanced to the county.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-602 - County Borrowing Authority

(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.
(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.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-603 - Authorized Use of Proceeds

A county may expend the net proceeds of the sale of an issue of notes only to:
(1)    pay the costs of public school construction or capital improvements approved at any time by the Board of Public Works in anticipation of State money for any of the construction or improvements; or
(2)    refund one or more issues of notes.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-604 - Payment

(a)    The principal of the notes may be paid from:
(1)    the proceeds of any of the State share for a county;
(2)    any other revenues that are pledged to the payment of the notes in the authorizing resolution; or
(3)    money made available to the county to finance the public school construction and capital improvements from:
(i)    the State or unit of the State;
(ii)    the federal government or a unit of the federal government; or
(iii)    any other source.
(b)    The interest on the notes may be paid from:
(1)    any revenues, other than the proceeds of the State share for a county, that are pledged to the payment of the notes in the authorizing resolution; or
(2)    money made available to the county to finance public school construction and capital improvements from:
(i)    the State or a unit of the State, except for the State share allocated under this part for public school construction and capital improvements;
(ii)    the federal government or a unit of the federal government; or
(iii)    any other source.
(c)    (1)    A county may pledge its full faith and credit and taxing power to the payment of the principal of and interest on the notes in the authorizing resolution.
(2)    A county that makes a pledge under paragraph (1) of this subsection shall, in each fiscal year that any of the notes are outstanding, impose ad valorem taxes on all assessable property in the county at a rate and amount sufficient to pay the principal of and interest on the notes maturing in that fiscal year.
(3)    If the proceeds from the taxes imposed in any fiscal year prove inadequate for the payment, the county shall impose additional taxes in the succeeding fiscal year to make up the deficiency.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-605 - Authorizing Resolution

(a)    The notes shall be authorized by a resolution.
(b)    The authorizing resolution shall:
(1)    cite the authority to issue the notes and the amount authorized; and
(2)    specify:
(i)    the maturity;
(ii)    the interest rate or manner of determining the rate, which may include a variable rate;
(iii)    1.    the price at which the notes will be sold, which may be at, above, or below the face value of the notes; or
2.    the manner of determining the price at which the notes will be sold;
(iv)    the manner of the sale of the notes, which may be by private negotiation by the county with a prospective purchaser, if determined by the county to be in the county’s best interest;
(v)    the terms or conditions, if any, under which notes may or shall be redeemed prior to their stated maturity; and
(vi)    other terms on the notes.
(c)    The authorizing resolution may provide for:
(1)    the issuance of the notes in series, as money is required; and
(2)    the renewal of the notes at maturity, with or without resale.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-606 - Security

(a)    If the authorizing resolution provides, notes may be secured by:
(1)    a trust indenture with a corporate trustee, which may be any trust company or bank having the powers of a trust company in or outside the State; and
(2)    a letter of credit, line of credit, or other credit or liquidity instrument from or with a bank or other lending institution.
(b)    A security provided by an authorizing resolution under this section may be secured by the same security given to holders of the notes for the performance by a county of the county’s monetary obligations under the notes.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-608 - Valid and Binding Obligations

A note is a valid and binding obligation of the issuing county in accordance with the terms of the note even if an official whose signature appears on the note:
(1)    ceases to be an official before the delivery of the note; or
(2)    becomes an official after the date of issue of the note.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 19 - Public Debt › Subtitle 6 - Creation of Public Debt -- Public Schools › Part I - Public Schools -- in General › Section 19-609 - Tax Exemption

The notes, the transfer of the notes, the interest payable on the notes, and any income derived from the notes, including profit realized in the sale or exchange of the notes, are exempt from State and local taxes.