{"data":{"id":"us-md/md.-code-local-government-19-905","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–905","heading":"","body":"(a) Notwithstanding any State or local law to the contrary, a county or\nmunicipality may:\n(1) issue pension liability funding bonds:\n(i) without regard to:\n1. any provision of the county’s or municipality’s\ncharter or any other law that:\nA. requires a public referendum before the issuance of\npublic debt by the county or municipality; or\nB. requires that debt be issued only to finance certain\nprojects such as capital projects defined in a charter; or\n2. any other provision that is inconsistent with this\nsubtitle;\n(ii) in one or more series, each series being in the principal\namount that the county or municipality determines to be required to achieve the\npurpose for the issuance of the pension liability funding bonds; and\n(iii) as serial bonds or as term bonds with provisions for\nmandatory sinking fund or other annual principal redemption;\n(2) sell pension liability funding bonds on a negotiated basis without\nsolicitation of bids at a price at, above, or below par;\n(3) provide for pension liability funding bonds to bear interest at\nfixed rates determined by the county or municipality or at floating or variable rates\nestablished by a method of determination approved by the county or municipality;\nand\n(4) provide for the principal and interest installments on pension\nliability funding bonds to be unequal from year to year and to be consistent with the\ngeneral financial plan of the county or municipality.\n(b) A county or municipality may not issue pension liability funding bonds\nthat mature later than 30 years from the date of issue.\n(c) The first principal installment payment or mandatory redemption of any\npension liability funding bonds may not be later than 3 years from the date of issue.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-905","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"faea0d4bd8c01217fc607740a0315bd379cdc42809e89391f93785ae3e2f1254","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-904","next":"us-md/md.-code-local-government-19-906"},"notice":"GroundRules: Original legal text. Not legal advice."}