Maryland Code, INSURANCE 19-603
Terms Used In Maryland Code, INSURANCE 19-603
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) A local government:
(1) may enter into an agreement to fund an insurance pool established under this subtitle; and
(2) except as otherwise provided in this section, may determine by resolution the provisions, terms, conditions, and duration of the agreement.
(c) (1) Except as provided in paragraph (2) of this subsection, a payment obligation in an agreement authorized by this section:
(i) shall be a general obligation of the local government to which its full faith and credit and unlimited taxing power is pledged; and
(ii) may not be subject to annual appropriation by the local government.
(2) If a provision of the Maryland Constitution limits a local government in undertaking a payment obligation described in paragraph (1) of this subsection, or requires a local government to comply with certain procedures before undertaking a payment obligation described in paragraph (1) of this subsection, the local government may provide that the payment obligation is:
(i) a limited obligation of the local government repayable from assets and revenues as provided in the agreement; or
(ii) subject to annual appropriation by the local government.
(d) Subject to the limitations of this section, a local government may undertake a payment obligation in an agreement authorized by this section:
(1) without regard to any limitations contained in its charter or other applicable public local or public general law that otherwise would apply; and
(2) without complying with any procedures contained in its charter or other applicable public local or public general law that otherwise would be required.
(e) On the date a local government executes an agreement authorized by this section, the aggregate outstanding and unpaid principal amount that the local government is obligated to pay under the agreement may not exceed 0.2% of the local government’s assessable base for real property tax purposes for the fiscal year in which the agreement is executed, as determined by the State Department of Assessments and Taxation.