{"data":{"id":"us-md/md.-code-local-government-12-403","jurisdiction":"us-md","citation":"Md. Code, Local Government § 12–403","heading":"","body":"(a) The County Commissioners of Caroline County may:\n(1) purchase or lease personal property under a multiyear contract\nthat requires the county commissioners to make installment or rental payments\nduring 2 or more fiscal years;\n(2) pay interest as part of any installment or rental payments in\naccordance with the terms of the contract; and\n(3) pledge and assign the personal property purchased or leased to\nsecure the obligation.\n(b) (1) The County Commissioners of Caroline County may enter into a\ncontract under subsection (a) of this section only if:\n(i) the county commissioners have appropriated money\nsufficient to pay the amount due under the contract during the first fiscal year in\nwhich the contract is effective;\n(ii) subject to paragraph (2) of this subsection, the contract\nauthorizes the county commissioners to terminate the contract if money sufficient to\npay the amount due under the contract for any fiscal year is not appropriated;\n(iii) the contract provides that, except if the county\ncommissioners default in payment under the contract, an obligation for payment\nunder the contract is limited to money appropriated for contract payment for that\nfiscal year; and\n(iv) the contract provides that, if the county commissioners\ndefault in payment under the contract, the obligation for payment is limited to:\n1. money appropriated for contract payments for that\nfiscal year;\n2. any money realized from the personal property\npurchased or leased under the contract; and\n3. any other money legally available for contract\npayment.\n(2) The contract may provide that a contract termination is\nineffective if the county commissioners purchase or lease personal property similar\nor functionally related to the property purchased or leased under the contract within\na specified period of time.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=12-403","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"d770bf426c84baac7250ef0e2c4827bfe95e9ae940fcd51a49a83a06b6a04300","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-12-402","next":"us-md/md.-code-local-government-12-404"},"notice":"GroundRules: Original legal text. Not legal advice."}