A district may not issue for a service area any bonds that, when added to the outstanding and unpaid bonds already issued for that service area, would result in a total bond issuance that exceeds 25 percent of the total value of property in the service area, as assessed for county taxation.
Structure Maryland Statutes
Title 9 - Water, Ice, and Sanitary Facilities
Subtitle 6 - Sanitary Commissions
Section 9-682 - Power of Sanitary Commission and Member Counties to Issue
Section 9-683 - Limitation on Total of Outstanding Bonds
Section 9-684 - Prerequisites for Issuance -- Resolution by Sanitary Commission
Section 9-685 - Prerequisites for Issuance -- Determinations by Sanitary Commission
Section 9-686 - Required Contents of Bonds
Section 9-687 - Signing of Bonds
Section 9-689 - Status of Bonds
Section 9-690 - Temporary Bonds and Receipts
Section 9-691 - Replacement of Bonds
Section 9-692 - Use of Bond Proceeds
Section 9-693 - Refunding Bonds
Section 9-694 - Levy of Property Tax
Section 9-695 - Payment of Bond Interest From Proceeds of Bonds
Section 9-696 - Multiple County Districts; Proportionate Liability of Member Counties