Maryland Code, LOCAL GOVERNMENT 19-901
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Terms Used In Maryland Code, LOCAL GOVERNMENT 19-901
- 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.
(a) In this subtitle the following words have the meanings indicated.
(b) (1) “Bond” means an obligation for the payment of money, by whatever name known or source of funds secured, issued by a governmental entity under general or special statutory authority.
(2) “Bond” includes:
(i) a bond;
(ii) a certificate of indebtedness;
(iii) an interim certificate; and
(iv) a note.
(c) “Pension liability funding bond” means a bond authorized to be issued under this subtitle.