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Code · Maryland · Local Government

§ 1-1107

134 words·~1 min read·/md/local-government/1-1107

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§1–1107.
(a)A county or municipality may incur general obligation debt for the purposes under this subtitle.
(b)Subject to subsection
(c)of this section, a county or municipality may issue bonds to finance loans made under a program in accordance with the procedures of the county or municipality for authorization to sell and issue other evidences of indebtedness.
(c)A bond issued in accordance with an ordinance or a resolution that pledges the full faith and credit of a county or municipality is subject to:
(1)any applicable requirement of the Maryland Constitution and the county’s or municipality’s charter and laws on referendum for the issuance of general obligation debt; and
(2)any limitation imposed by public general law, public local law, or charter on general obligation debt of the county or municipality.
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