{"data":{"id":"us-md/md.-code-local-government-19-206","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–206","heading":"","body":"(a) (1) Except as provided in paragraph (2) of this subsection, this\nsection applies only to the following governmental entities:\n(i) a county;\n(ii) a public corporation or other political subdivision of the\nState; or\n(iii) an agency or instrumentality of a county, public\ncorporation, or other political subdivision of the State.\n(2) This section does not apply to the following governmental entities:\n(i) Baltimore City;\n(ii) a municipality; or\n(iii) a housing authority under Division II of the Housing and\nCommunity Development Article.\n(b) (1) This section does not apply to a bond that:\n(i) matures within 1 year after the date of issue and is issued:\n1. in anticipation of taxes;\n2. to meet current expenses; or\n3. to meet an emergency;\n(ii) is sold to the United States or a unit or instrumentality of\nthe United States;\n(iii) is issued under a plan of composition approved in a\nproceeding under Chapter IX of the United States Bankruptcy Act; or\n(iv) is issued under any other plan to refund or refinance in\nexchange, bond for bond, for an outstanding maturing debt, other than:\n1. a current or floating debt; or\n2. a bond under item (i) of this paragraph.\n(2) This section does not apply to bond or grant anticipation notes\nissued under Part III of this subtitle.\n(3) This section does not apply to a bond issued under an enabling\nact that:\n(i) states that this section does not apply; or\n(ii) provides a different method for establishing the maturity\nof the bond.\n(c) (1) A governmental entity shall issue bonds on a serial maturity plan.\n(2) The governmental entity may:\n(i) vary the amounts of the series; and\n(ii) provide for the maturity of a series in consecutive annual\ninstallments or at longer intervals.\n(d) (1) The maturity date of the final series shall be based on the purpose\nfor which the bonds are issued:\n(i) within the time limit that applies under the schedule in\nparagraph (2) of this subsection; or\n(ii) if more than one time limit applies, within the shortest\napplicable time limit.\n(2) The schedule of maturity dates is as follows:\nLimit on Purpose of Issue Maturity of Issue\nPaving existing highways or streets ..................................................... 10 years\nAirports and buildings constructed or to be constructed thereon ........ 15 years\nHighway construction ............................................................................ 20 years\nElectric light and power systems .......................................................... 25 years\nGas systems ............................................................................................ 25 years\nGrade crossing eliminations .................................................................. 25 years\nHarbor improvements ............................................................................ 25 years\nSchool construction ................................................................................ 25 years\nAll other permanent structures of durable materials .......................... 25 years\nBridges .................................................................................................... 30 years\nLand acquired for permanent improvements ....................................... 40 years\nSewerage installation ............................................................................ 40 years\nWater systems ........................................................................................ 40 years","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-206","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"f2d7df969e3ef9a4faa2fa1e67dd6ffae74ecfa3f63e6655baa2b395e4228988","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-205","next":"us-md/md.-code-local-government-19-207"},"notice":"GroundRules: Original legal text. Not legal advice."}