US Laws, Codes, Statutes & Cases

      Each county or municipal corporation that avails itself of the provisions of this subtitle by borrowing money or incurring indebtedness on its individual faith and credit shall levy a tax not exceeding 3.2 cents on each $100 of assessable real property subject to the property tax of that county or municipal corporation or 8 cents on each $100 of assessable personal property and operating real property described in § 8-109(c) of the Tax - Property Article, to be collected according to law, in an amount that will repay in full with interest the money or indebtedness incurred under this subtitle by the county or municipal corporation, within the period of 2 years after the indebtedness was incurred.