Md. Code, Local Government § 19–616

(a) (1) The County Commissioners of Charles County may issue new

school capacity construction bonds at any time on the full faith and credit of the

county to fund the costs incurred to construct new capacity for public elementary,

middle, and high school facilities in the county, including:

(i) costs for land acquisition, architectural and engineering

design, infrastructure, new classrooms, equipment, interest on bond principal, and

bond issuance; and

(ii) an amount equal to the total square footage of new public

elementary, middle, and high school facilities in the county multiplied by the State

square foot construction allowance, less the State funding share.

(2) The new school capacity construction bonds shall constitute

securities:

(i) in which all public officers, public bodies of the State and

its political subdivisions, insurance companies, State banks and trust companies,

national banking associations, savings banks, savings and loan associations,

investment companies, executors, administrators, trustees, and other fiduciaries may

properly and legally invest money, including capital in their control or belonging to

them; and

(ii) which may be properly and legally deposited with and

received by any State or county officer, State unit, or political subdivision of the State

for any purpose for which the deposit of bonds or obligations of the State may be

authorized by law.

(b) The County Commissioners of Charles County shall hold a public

hearing and provide reasonable notice of the hearing before issuing new school

capacity construction bonds.

(c) The issuance and sale of new school capacity construction bonds under

this part is exempt from § 19–205 and § 19–206 of this title.

(d) The transfer of, interest on, and any income derived from new school

capacity construction bonds are exempt from State and local taxes.