Maryland Code, LOCAL GOVERNMENT 19-302
Terms Used In Maryland Code, LOCAL GOVERNMENT 19-302
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
(1) borrow money for any public purpose; and
(2) issue and sell general obligation bonds to evidence the borrowing.
(b) In its charter, a municipality may provide for the issuance of revenue bonds payable as to principal and interest solely from the revenues of one or more revenue-producing projects of the municipality.
(c) (1) Unless the charter of the municipality provides otherwise, in anticipation of the receipt of current taxes, a municipality may:
(i) borrow money for any public purpose; and
(ii) issue and sell tax anticipation notes to evidence the borrowing.
(2) The municipality shall pay the principal of and interest on tax anticipation notes when current taxes are received.
(3) Tax anticipation notes:
(i) shall be issued in accordance with § 19-303 of this subtitle; but
(ii) may be sold by private negotiations.