Maryland Code, EDUCATION 5-603
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Terms Used In Maryland Code, EDUCATION 5-603
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) Bonds issued under this subtitle constitute an irrevocable pledge of the full faith and credit and unlimited taxing power of the county to the payment of the principal of and interest on the bonds when the bonds become payable.
(b) (1) Except as provided in paragraph (2) of this subsection, in every fiscal year in which any of the bonds are outstanding, the county shall levy ad valorem taxes on all assessable property within the corporate limits of the county in an amount sufficient to make payments, when due, on the principal of and interest on the bonds.
(2) If other funds are available to pay the principal of and interest on the bonds, the county may reduce the taxes that would otherwise need to be levied under this section.
(c) The county may apply funds received from any source to the payment of the principal of and interest on the bonds.