{"data":{"id":"us-md/md.-code-local-government-19-616","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–616","heading":"","body":"(a) (1) The County Commissioners of Charles County may issue new\nschool capacity construction bonds at any time on the full faith and credit of the\ncounty to fund the costs incurred to construct new capacity for public elementary,\nmiddle, and high school facilities in the county, including:\n(i) costs for land acquisition, architectural and engineering\ndesign, infrastructure, new classrooms, equipment, interest on bond principal, and\nbond issuance; and\n(ii) an amount equal to the total square footage of new public\nelementary, middle, and high school facilities in the county multiplied by the State\nsquare foot construction allowance, less the State funding share.\n(2) The new school capacity construction bonds shall constitute\nsecurities:\n(i) in which all public officers, public bodies of the State and\nits political subdivisions, insurance companies, State banks and trust companies,\nnational banking associations, savings banks, savings and loan associations,\ninvestment companies, executors, administrators, trustees, and other fiduciaries may\nproperly and legally invest money, including capital in their control or belonging to\nthem; and\n(ii) which may be properly and legally deposited with and\nreceived by any State or county officer, State unit, or political subdivision of the State\nfor any purpose for which the deposit of bonds or obligations of the State may be\nauthorized by law.\n(b) The County Commissioners of Charles County shall hold a public\nhearing and provide reasonable notice of the hearing before issuing new school\ncapacity construction bonds.\n(c) The issuance and sale of new school capacity construction bonds under\nthis part is exempt from § 19–205 and § 19–206 of this title.\n(d) The transfer of, interest on, and any income derived from new school\ncapacity construction bonds are exempt from State and local taxes.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-616","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"c80e294666272e674ba60ae67798fb952aff838f62a23234a23f5c152e09422d","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-615","next":"us-md/md.-code-local-government-19-701"},"notice":"GroundRules: Original legal text. Not legal advice."}