Maryland Code, TRANSPORTATION 3-518
Terms Used In Maryland Code, TRANSPORTATION 3-518
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- County: means a county of the State or Baltimore City. See
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) A county may enter into any agreement necessary or appropriate to allow it to participate in a bond issue under this subtitle.
(c) An agreement authorized by this subsection may have such provisions, terms, and conditions, and may be of such duration, as the county by ordinance or resolution may determine.
(d) Except as provided in subsection (f) of this section, any payment obligation in an agreement authorized by this section may be either:
(1) A general obligation of the county to which its full faith and credit and unlimited taxing power is pledged and which may not be subject to annual appropriation by the county; or
(2) Any other obligation which the county is authorized to undertake.
(e) A payment obligation in an agreement authorized by this section may be undertaken by a county pursuant to a public or private sale, with or without public bidding.
(f) If a State constitutional provision limits a county in undertaking a payment obligation described in this section or requires a county to comply with certain procedures prior to undertaking a payment obligation described in this section, the county may provide that the payment obligation:
(1) Is a limited obligation of the county repayable from assets and revenues as provided in the agreement; or
(2) Is subject to annual appropriation by the county.
(g) The obligations undertaken under this subtitle by participating counties, the borrowing which they represent, any pledge of the full faith and credit of the participating counties or any other guarantee of the participating counties, and the programs or projects being financed are not subject to any requirement of charter or local law as to the form or public sale of bonds or obligations of the counties.