Maryland Corporations - Municipal Section 34

      The authority conferred on municipal corporations by this subheading is subject to the following limitations:

            (1)      No tax anticipation notes shall be issued which shall mature later than eighteen months from their respective dates of issue and no bonds shall be issued by any municipal corporation which shall mature later than forty years from their respective date of issue;

            (2)      No bonds or tax anticipation notes shall be issued by any municipal corporation except for cash or be sold at less than parvalue thereof;

            (3)      If the charter of any municipal corporation shall require a referendum on the issue of all or any particular type of bonds of such municipal corporation, such bonds shall be issued only if a majority of the qualified voters voting on the referendum held on such issuance shall favor the same but if the majority of said qualified voters shall vote against such issuance then another referendum shall not be held on the question of issuing bonds for the same public purpose until the expiration of one year from the date upon which the issuance of said bonds shall have been so disapproved;

            (4)      No bonds shall be sold by a municipal corporation except by the solicitation of competitive bids at public sale after the publication in a newspaper of general circulation in the municipal corporation, and such other publication as may be specified in the enabling resolution or ordinance, of the notice of sale in the form prescribed by such resolution or ordinance by two insertions thereof over a period of not less than ten days next preceding the date fixed for such sale.