Md. Code, Local Government § 19–903

The General Assembly finds that it is in the best interests of the charter

counties, code counties, and municipalities and the residents of the State to authorize

each charter county, code county, or municipality to issue bonds in order to fund any

unfunded liability of the county or municipality with respect to any pension or

retirement plan or system to:

(1) use favorable market conditions that may exist to reduce the cost

of the pension or retirement plan or system to the county or municipality; or

(2) otherwise structure and provide for pension plan liability funding

in a manner consistent with the financial plans of the county or municipality.