{"data":{"id":"us-md/md.-code-local-government-19-604","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–604","heading":"","body":"(a) The principal of the notes may be paid from:\n(1) the proceeds of any of the State share for a county;\n(2) any other revenues that are pledged to the payment of the notes\nin the authorizing resolution; or\n(3) money made available to the county to finance the public school\nconstruction and capital improvements from:\n(i) the State or unit of the State;\n(ii) the federal government or a unit of the federal government;\nor\n(iii) any other source.\n(b) The interest on the notes may be paid from:\n(1) any revenues, other than the proceeds of the State share for a\ncounty, that are pledged to the payment of the notes in the authorizing resolution; or\n(2) money made available to the county to finance public school\nconstruction and capital improvements from:\n(i) the State or a unit of the State, except for the State share\nallocated under this part for public school construction and capital improvements;\n(ii) the federal government or a unit of the federal government;\nor\n(iii) any other source.\n(c) (1) A county may pledge its full faith and credit and taxing power to\nthe payment of the principal of and interest on the notes in the authorizing resolution.\n(2) A county that makes a pledge under paragraph (1) of this\nsubsection shall, in each fiscal year that any of the notes are outstanding, impose ad\nvalorem taxes on all assessable property in the county at a rate and amount sufficient\nto pay the principal of and interest on the notes maturing in that fiscal year.\n(3) If the proceeds from the taxes imposed in any fiscal year prove\ninadequate for the payment, the county shall impose additional taxes in the\nsucceeding fiscal year to make up the deficiency.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-604","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"1799f8c1c3be377a49517f73e19f2773bdd2d3207a064d2fc2561b4ed94936a1","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-603","next":"us-md/md.-code-local-government-19-605"},"notice":"GroundRules: Original legal text. Not legal advice."}