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<section article="glg" article_name="Local Government" number="19-302" title_number="19" title_name="Public Debt" subtitle_number="3" subtitle_name="Creation of Public Debt -- Municipalities">
  <level label="a">
    <text>A municipality may:</text>
    <level label="1">
      <text>borrow money for any public purpose; and</text>
    </level>
    <level label="2">
      <text>issue and sell general obligation bonds to evidence the borrowing.</text>
    </level>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>Unless the charter of the municipality provides otherwise, in anticipation of the receipt of current taxes, a municipality may:</text>
      <level label="i">
        <text>borrow money for any public purpose; and</text>
      </level>
      <level label="ii">
        <text>issue and sell tax anticipation notes to evidence the borrowing.</text>
      </level>
    </level>
    <level label="2">
      <text>The municipality shall pay the principal of and interest on tax anticipation notes when current taxes are received.</text>
    </level>
    <level label="3">
      <text>Tax anticipation notes:</text>
      <level label="i">
        <text>shall be issued in accordance with § 19–303 of this subtitle; but</text>
      </level>
      <level label="ii">
        <text>may be sold by private negotiations.</text>
      </level>
    </level>
  </level>
</section>
