{"data":{"id":"us-md/md.-code-local-government-19-304","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–304","heading":"","body":"(a) (1) A municipality may not issue bonds that mature later than 40\nyears after the date of issue.\n(2) A municipality may not issue tax anticipation notes that mature\nlater than 18 months after the date of issue.\n(b) A municipality may issue bonds and tax anticipation notes only for cash.\n(c) A municipality may not sell bonds or tax anticipation notes at less than\npar value.\n(d) (1) If the charter of a municipality requires a referendum on the\nissuance of municipal bonds, the bonds may be issued only if the bonds are approved\nby a majority of voters voting on the question.\n(2) If the referendum fails, another referendum may not be held on\nthe question of issuing bonds for the same public purpose until 1 year after the\nelection.\n(e) A municipality may not sell bonds unless the municipality:\n(1) solicits competitive bids at a public sale; and\n(2) publishes notice of the bond sale:\n(i) in the form required by the resolution or ordinance;\n(ii) in a newspaper of general circulation in the municipality\nand any other publication that is specified in the resolution or ordinance; and\n(iii) two times over a period of at least 10 days before the date\nspecified for the bond sale.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-304","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"754af9f06b37e364510c86029ddb9a96f7000655a19e45f66b501ac89b586a5a","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-303","next":"us-md/md.-code-local-government-19-305"},"notice":"GroundRules: Original legal text. Not legal advice."}