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Maryland Code, Local Government § 1-1107

Current as of January 01, 2025 | Updated by Findlaw Staff

(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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Cite this article: FindLaw.com - Maryland Code, Local Government § 1-1107 - last updated January 01, 2025 | https://codes.findlaw.com/md/local-government/md-code-local-govt-sect-1-1107/

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