§ 1-1107. Bonds -- Intent; procedures; restrictions

   (a) Legislative intent. -- A county or municipality may incur general obligation debt for the purposes under this subtitle.

(b) Procedures for bond authorizations. -- Subject to subsection (c) of this section, a county or municipality may issue bonds to finance loans made under a program in accordance with the procedures of the county or municipality for authorization to sell and issue other evidences of indebtedness.

(c) Restrictions on bond issuance. -- A bond issued in accordance with an ordinance or a resolution that pledges the full faith and credit of a county or municipality is subject to:

   (1) any applicable requirement of the Maryland Constitution and the county's or municipality's charter and laws on referendum for the issuance of general obligation debt; and

   (2) any limitation imposed by public general law, public local law, or charter on general obligation debt of the county or municipality.

HISTORY: An. Code 1957, art. 24, § 9-1504; 2013, ch. 119, § 2.