Skip to main content
Find a Lawyer

Maryland Code, Public Utilities § 22-110

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

(a)(1) Subject to paragraph (2) of this subsection, the Commission may borrow money in anticipation of taxes, sale of bonds, or other revenue of the fiscal year in which the loan is made or the next succeeding fiscal year to:

(i) pay the principal and interest of bonds due or to become due within 4 months;

(ii) pay the interest becoming due on any bonds within 4 months and not otherwise adequately provided for; or

(iii) meet payments required to be made to employees and laborers and not otherwise provided for.

(2) The loan shall be payable not later than the end of the fiscal year after the year in which the loan is made.

(b)(1) The Commission shall issue negotiable notes for all money borrowed under subsection (a) of this section.

(2) The notes may be renewed and money may be borrowed on new notes to pay any indebtedness.

(3) The notes and loans shall mature within the time limit for the payment of the original loan.

(4) The Commission shall authorize, by resolution, the notes and set:

(i) the actual or maximum face amount of the notes;

(ii) the actual or maximum rate of interest to be paid on the amount borrowed; and

(iii) the actual or approximate maturity of the notes.

(5) The Commission shall determine the form and manner of execution of the notes.

(c)(1) Subject to paragraph (2) of this subsection, the Commission may determine the manner in which the notes may be disposed of.

(2) The aggregate amount of notes outstanding at any one time may not exceed an amount equal to the total principal of and interest on bonds of the sanitary district due and payable in the fiscal year in which the notes are issued.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Public Utilities § 22-110 - last updated January 01, 2025 | https://codes.findlaw.com/md/public-utilities/md-code-public-util-sect-22-110/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard