Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-230
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-230
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) A local obligation shall be issued in accordance with this section.
(3) Each local obligation must be authorized by resolution or ordinance of the governing body of the issuer.
(b) (1) Before a local obligation is issued under this section:
(i) the issuer shall publish a notice of the proposed issuance in a newspaper of general circulation in the jurisdiction of the issuer; and
(ii) the governing body of the issuer shall hold a public hearing on the proposed issuance.
(2) The notice shall include the proposed amount of the issue, the nature of the infrastructure project to be financed, the time and place of the public hearing, and the name and address of the governing body where written comments may be sent.