§ 19–304
Statutes in effect as of October 1, 2026.
Md. Code Ann., Local Gov't § 19-304 (2026)
Title 19. Public Debt
Subtitle 3. Creation of Public Debt -- Municipalities
§ 19–304LinkCopy Citation
(a)
(1)
A municipality may not issue bonds that mature later than 40 years after the date of issue.
(2)
A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue.
(b)
A municipality may issue bonds and tax anticipation notes only for cash.
(c)
A municipality may not sell bonds or tax anticipation notes at less than par value.
(d)
(1)
If the charter of a municipality requires a referendum on the issuance of municipal bonds, the bonds may be issued only if the bonds are approved by a majority of voters voting on the question.
(2)
If the referendum fails, another referendum may not be held on the question of issuing bonds for the same public purpose until 1 year after the election.
(e)
A municipality may not sell bonds unless the municipality:
(1)
solicits competitive bids at a public sale; and
(2)
publishes notice of the bond sale:
(i)
in the form required by the resolution or ordinance;
(ii)
in a newspaper of general circulation in the municipality and any other publication that is specified in the resolution or ordinance; and
(iii)
two times over a period of at least 10 days before the date specified for the bond sale.