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§ 19-304. Limitations on authority to issue bonds and tax anticipation notes

MD Local Gov Code § 19-304 (2019) (N/A)
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(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.

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§ 19-303. Procedures for issuing bonds
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§ 19-305. Negotiability of bonds and tax anticipation notes