§ 16-405

Maryland § 16-405

• Jurisdiction: Maryland
• Article glg: Local Government
• Title: 16

Text

(a) This section does not apply to Baltimore City.

(b) A county or municipality may borrow money under this subtitle on its full faith and credit.

(c) A county or municipality may issue individual notes, certificates of debt, or other evidence of indebtedness for any amount borrowed under this subtitle.

(d) Subject to the limits in this subtitle, the governing body of a county or municipality shall determine:

(1) the manner, method, means, and conditions for borrowing money under this subtitle;

(2) the kind and character of the debt issued;

(3) the form and substance of the debt issued;

(4) the interest rate of the debt issued;

(5) the manner, method, or means of sale, both public or private, of the debt issued;

(6) when the money shall be borrowed; and

(7) when the debt shall be issued.

(e) A county or municipality may not incur debt under this subtitle in an aggregate amount that exceeds the total amount estimated to be raised by a property tax imposed by the county or municipality at a rate of 3.2 cents on each $100 of assessment.

(f) A debt incurred under this subtitle shall mature and be paid within 2 years after the date the debt was incurred.

(g) Subject to § 16–404(b) of this subtitle, a county or municipality that borrows money under this subtitle shall impose a property tax in an amount sufficient to repay the money borrowed, with interest, in full within 2 years after the date the debt was incurred.