2013 Maryland Code
STATE FINANCE AND PROCUREMENT
§ 8-220 - Interest rate limit on bonds
§8-220.
(a) (1) Except for the provisions of this section, each State unit shall comply with the provisions, requirements, and limitations in the enabling act.
(2) If a State unit is unable to sell bonds to pay the bond anticipation notes under this Part III of this subtitle when due because of an interest rate limitation in the enabling act, the State unit may:
(i) issue bonds in a total principal amount sufficient to pay the principal of and not more than 1 year’s interest on the notes; and
(ii) provide for payment of interest on the bonds at a rate that is higher than the interest rate limitation in the enabling act.
(3) This section is supplemental authority for a State unit to issue bonds free of an interest rate limitation to pay outstanding bond anticipation notes under this Part III of this subtitle.
(b) A resolution that authorizes the issuance of bonds under subsection (a)(2) of this section shall refer to:
(1) the enabling act; and
(2) this section.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
