Unannotated Code of Maryland (Last Updated: May 16, 2014) |
LOCAL GOVERNMENT |
DIVISION IV. LOCAL FINANCE |
TITLE 19. PUBLIC DEBT |
SUBTITLE 6. CREATION OF PUBLIC DEBT -- PUBLIC SCHOOLS |
PART I. PUBLIC SCHOOLS -- IN GENERAL |
§ 19-610. Exemptions and terms
Latest version.
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(a) Resolution, notes, and agreements. -- The authorizing resolution, and notes and agreements authorized under the authorizing resolution, are not subject to:
(1) procedures required for legislative acts; or
(2) referendum.
(b) Covenants regarding payment. -- The authorizing resolution may include covenants regarding the payment of principal of and interest on the notes, notwithstanding any:
(1) limitation in the county charter;
(2) other public general law; or
(3) public local law.
(c) Authorizing resolution; capital projects. --
(1) A county may adopt an authorizing resolution without complying with any procedures in:
(i) the county charter;
(ii) any public general law; or
(iii) a public local law.
(2) Public school construction and capital improvements financed by a county under this part are not a capital project of a county for purposes of any constitutional, charter, statutory, or other limitation.
(d) Limitations on issuance of indebtedness. -- Any notes or agreements issued or entered into under this part may not be subject to or included in any constitutional, charter, statutory, or other limitation for the issuance of indebtedness by a county.
(e) Self-executing. -- The provisions of this part are self-executing.