Maryland Governor - Executive and Administrative Departments Section 14-802

      (a)      As provided in subsections (b), (c), and (d) of this section and in accordance with applicable local procedures for authorization of sale and issuance of bonds, a local governing body may borrow money by issuing and selling bonds, at any time and from time to time, for the purpose of financing the redevelopment of designated blighted areas.

      (b)      The issuance of bonds pursuant to an ordinance or resolution that pledges the full faith and credit of a local governing body to the payment of principal and interest on such bonds shall be subject to any applicable requirements imposed by the Constitution and local charters or laws regarding referendum or other provisions in connection with the incurrence of general obligation debt by a local governing body. It is the intent of the General Assembly that general obligation indebtedness heretofore or hereafter approved by referendum or otherwise may be incurred by the issuance of bonds under this subtitle, as long as the purposes for which the indebtedness was or is approved include the purposes for which such bonds are issued under this subtitle.

      (c)      Bonds secured by a pledge of the full faith and credit of the local governing body shall be subject to limitations, if any, imposed by public general law, public local law, or charter provisions regarding general obligation indebtedness of the local governing body.

      (d)      A commissioner county may not issue bonds secured by the full faith and credit of the county unless the amount of bonds to be issued by the commissioner county under this subtitle has been approved first by the General Assembly.