{"data":{"id":"us-md/md.-code-local-government-19-208","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–208","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 municipality;\n(iii) a public corporation of the State; and\n(iv) a political subdivision or an agency or instrumentality of a\npolitical subdivision of the State.\n(2) This section does not apply to Baltimore City.\n(b) A governmental entity authorized to issue bonds:\n(1) subject to the limitations in this section and notwithstanding any\nother law, if the governmental entity determines that it is in the public interest, may\nissue and sell bonds in denominations of $1,000 or less, in any form;\n(2) may sell the bonds in integral multiples; and\n(3) subject to any other provision of law, may set the prices for and\nthe interest rates to be paid on the bonds.\n(c) (1) A governmental entity may not have bonds outstanding under\nthis section in excess of a total principal amount of the greater of:\n(i) $1,000,000; or\n(ii) 10% of the total outstanding bonded indebtedness of the\ngovernmental entity at the time the bonds are issued.\n(2) The total debts of a governmental entity, including bonds under\nthis section, may not exceed a limit set by law.\n(d) A governmental entity may sell bonds issued under this section in any\nmanner that the governmental entity considers appropriate, notwithstanding §§ 19–\n205 and 19–206 of this subtitle or any other law that requires the solicitation of\ncompetitive bids or the public sale of bonds to the highest bidder or bidders or that\nregulates the manner in which the sale shall be advertised or the bonds sold.\n(e) (1) A governmental entity that issues bonds under this section shall\napprove a disclosure document that includes:\n(i) a description of the security for the bonds;\n(ii) a statement of the purposes for which the proceeds of the\nbonds will be used;\n(iii) a description of the financial condition of the governmental\nentity;\n(iv) a statement of the prices for and the interest rates to be\npaid on the bonds; and\n(v) a statement of the times and places of payment of the\nprincipal of and interest on the bonds.\n(2) A governmental entity shall make the disclosure document\navailable to buyers of the bonds.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-208","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"7f30d72c274a6a0f702dde85c90231ee7ff2cb69cab40ecfab312cc862be2dc0","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-207","next":"us-md/md.-code-local-government-19-211"},"notice":"GroundRules: Original legal text. Not legal advice."}