Md. Code, Local Government § 19–905

(a) Notwithstanding any State or local law to the contrary, a county or

municipality may:

(1) issue pension liability funding bonds:

(i) without regard to:

1. any provision of the county’s or municipality’s

charter or any other law that:

A. requires a public referendum before the issuance of

public debt by the county or municipality; or

B. requires that debt be issued only to finance certain

projects such as capital projects defined in a charter; or

2. any other provision that is inconsistent with this

subtitle;

(ii) in one or more series, each series being in the principal

amount that the county or municipality determines to be required to achieve the

purpose for the issuance of the pension liability funding bonds; and

(iii) as serial bonds or as term bonds with provisions for

mandatory sinking fund or other annual principal redemption;

(2) sell pension liability funding bonds on a negotiated basis without

solicitation of bids at a price at, above, or below par;

(3) provide for pension liability funding bonds to bear interest at

fixed rates determined by the county or municipality or at floating or variable rates

established by a method of determination approved by the county or municipality;

and

(4) provide for the principal and interest installments on pension

liability funding bonds to be unequal from year to year and to be consistent with the

general financial plan of the county or municipality.

(b) A county or municipality may not issue pension liability funding bonds

that mature later than 30 years from the date of issue.

(c) The first principal installment payment or mandatory redemption of any

pension liability funding bonds may not be later than 3 years from the date of issue.