{"data":{"id":"us-md/md.-code-local-government-10-203","jurisdiction":"us-md","citation":"Md. Code, Local Government § 10–203","heading":"","body":"(a) (1) Subject to any limit imposed by a county charter and this\nsubsection, a county may provide for the borrowing of money on the faith and credit\nof the county and for the issuance of bonds or other evidences of indebtedness in\naccordance with local law.\n(2) (i) Except as provided in subparagraph (ii) of this paragraph,\nthe aggregate amount of bonds and other evidences of indebtedness outstanding at\nany one time may not exceed the sum of 6% of the assessable basis of all real property\nin the county plus 15% of the county’s assessable basis of personal property and\noperating real property as described in § 8–109(c) of the Tax – Property Article.\n(ii) The following evidences of indebtedness may not be\nconsidered as bonds or evidences of indebtedness in applying the limits in this\nsubsection:\n1. tax anticipation notes or other evidences of\nindebtedness having a maturity not in excess of 12 months;\n2. bonds or other evidences of indebtedness issued or\nguaranteed by the county payable primarily or exclusively from taxes levied in or on,\nor other revenues of, special taxing districts; and\n3. bonds or other evidences of indebtedness issued for\nself–liquidating and other projects payable primarily or exclusively from the proceeds\nof assessments or charges for special benefits or services.\n(3) (i) If a petition for submission to referendum is filed in\naccordance with the county charter and local laws of a county, a local law authorizing\nthe borrowing of money or issuance of bonds or other evidences of indebtedness shall\nbe submitted to the voters of the county for approval or rejection.\n(ii) If the county charter does not contain a provision for\nsubmission to referendum, a local law that authorizes the borrowing of money or\nissuance of bonds or other evidences of indebtedness shall be submitted to the voters\nof the county for approval or rejection if a petition for submission to referendum that\nbears the signatures of at least 10% of the registered voters of the county is filed with\nthe county board of elections within 75 days after the local law is enacted.\n(b) (1) A county may provide for the issuance of bonds or other evidences\nof indebtedness payable as to principal and interest and premium, if any, solely from\nthe money received from or in connection with any system, project, or undertaking,\nall or part of which is financed from the proceeds of the bonds or other evidences of\nindebtedness.\n(2) Bonds or other evidences of indebtedness issued under this\nsubsection:\n(i) are not an indebtedness of the county or a pledge of its faith\nand credit or taxing power;\n(ii) may be sold at a private, negotiated sale; and\n(iii) are not subject to the limitations of:\n1. subsection (a) of this section;\n2. §§ 19–205 and 19–206 of this article; or\n3. the county charter.\n(3) This subsection does not limit the power of a county to issue\nrevenue bonds in accordance with any other applicable law.\n(c) The bonds, notes, and any other evidences of indebtedness issued under\nthis section, their transfer, the interest payable on them, and any income derived\nfrom them, including any profit realized in their sale or exchange, shall be exempt\nfrom taxation of any kind by the State, any political subdivision, or any other public\nentity.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=10-203","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"4c1dacf36dabb1469534b6601c2a74bf1fc955e739688391d40d95a3250e20ec","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-10-202","next":"us-md/md.-code-local-government-10-204"},"notice":"GroundRules: Original legal text. Not legal advice."}