Section 12-304 - Authority to issue bonds. - Maryland Statutes

§ 12-304. Authority to issue bonds.
 

(a)  General obligation debt.- The General Assembly intends that general obligation debt may be incurred by issuing bonds if the purposes for the debt include the purposes for issuing bonds under this subtitle. 

(b)  Bonds.- Subject to subsections (c) and (d) of this section, a political subdivision may issue bonds to finance the redevelopment of a designated blighted area in accordance with the procedures of the political subdivision for authorization to sell and issue bonds. 

(c)  Application of other law.- A bond issued in accordance with an ordinance or resolution that pledges the full faith and credit of a political subdivision is subject to: 

(1) any applicable requirements of the Constitution and the political subdivision's charter and laws on referendum for the issuance of general obligation debt; and 

(2) each limitation imposed by public general law, public local law, or charter on general obligation debt of the political subdivision. 

(d)  Commissioner counties.-  

(1) This subsection does not apply to a county that is subject to Article 25A or Article 25B of the Code. 

(2) A county may not issue bonds that are secured by the full faith and credit of the county unless the amount of bonds to be issued by the county under this subtitle is first authorized by the General Assembly. 
 

[An. Code 1957, art. 41, §§ 14-801(e), 14-802; 2008, ch. 306, § 2.]