Maryland Statutes
Subtitle 3 - Creation of Public Debt -- Municipalities
Section 19-304 - Limitations on Authority to Issue Bonds and Tax Anticipation Notes

(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.

Structure Maryland Statutes