Md. Code, Local Government § 10–203

(a) (1) Subject to any limit imposed by a county charter and this

subsection, a county may provide for the borrowing of money on the faith and credit

of the county and for the issuance of bonds or other evidences of indebtedness in

accordance with local law.

(2) (i) Except as provided in subparagraph (ii) of this paragraph,

the aggregate amount of bonds and other evidences of indebtedness outstanding at

any one time may not exceed the sum of 6% of the assessable basis of all real property

in the county plus 15% of the county’s assessable basis of personal property and

operating real property as described in § 8–109(c) of the Tax – Property Article.

(ii) The following evidences of indebtedness may not be

considered as bonds or evidences of indebtedness in applying the limits in this

subsection:

1. tax anticipation notes or other evidences of

indebtedness having a maturity not in excess of 12 months;

2. bonds or other evidences of indebtedness issued or

guaranteed by the county payable primarily or exclusively from taxes levied in or on,

or other revenues of, special taxing districts; and

3. bonds or other evidences of indebtedness issued for

self–liquidating and other projects payable primarily or exclusively from the proceeds

of assessments or charges for special benefits or services.

(3) (i) If a petition for submission to referendum is filed in

accordance with the county charter and local laws of a county, a local law authorizing

the borrowing of money or issuance of bonds or other evidences of indebtedness shall

be submitted to the voters of the county for approval or rejection.

(ii) If the county charter does not contain a provision for

submission to referendum, a local law that authorizes the borrowing of money or

issuance of bonds or other evidences of indebtedness shall be submitted to the voters

of the county for approval or rejection if a petition for submission to referendum that

bears the signatures of at least 10% of the registered voters of the county is filed with

the county board of elections within 75 days after the local law is enacted.

(b) (1) A county may provide for the issuance of bonds or other evidences

of indebtedness payable as to principal and interest and premium, if any, solely from

the money received from or in connection with any system, project, or undertaking,

all or part of which is financed from the proceeds of the bonds or other evidences of

indebtedness.

(2) Bonds or other evidences of indebtedness issued under this

subsection:

(i) are not an indebtedness of the county or a pledge of its faith

and credit or taxing power;

(ii) may be sold at a private, negotiated sale; and

(iii) are not subject to the limitations of:

1. subsection (a) of this section;

2. §§ 19–205 and 19–206 of this article; or

3. the county charter.

(3) This subsection does not limit the power of a county to issue

revenue bonds in accordance with any other applicable law.

(c) The bonds, notes, and any other evidences of indebtedness issued under

this section, their transfer, the interest payable on them, and any income derived

from them, including any profit realized in their sale or exchange, shall be exempt

from taxation of any kind by the State, any political subdivision, or any other public

entity.