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1885
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MARVIN MANDEL, Governor
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CHAPTER 234
(Senate Bill 1100)
AN ACT concerning
Chartered Counties — Bonds
FOR the purpose of expressly stating the exemption from
taxation of bonds, notes, and any other evidences of
obligation issued by chartered counties; and
renumbering as appropriate.
BY repealing and reenacting, with amendments,
Article 25A - Chartered Counties of Maryland
Section 5(P)
Annotated Code of Maryland
(1973 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 5(P) of Article 25A - Chartered
Counties of Maryland, of the Annotated Code of Maryland
(1973 Replacement Volume and 1976 Supplement) be and it
is hereby repealed and reenacted, with amendments, to
read as follows:
Article 25A — Chartered Counties of Maryland
5.
The following enumerated express powers are hereby
granted to and conferred upon any county or counties
which shall hereafter form a charter under the provisions
of said Article 11A of the Constitution, that is to say:
(P) (1) To provide for the borrowing of moneys
on the faith and credit of the county and for the
issuance of bonds or other evidences of indebtedness
therefor in such sums, for such purposes, on such terms
and payable at such times, and from such taxes or other
sources as may have been or may be provided by or
pursuant to local law, subject to any limitations imposed
by the charter adopted by the county and to the following
limitations:
[(1)] (I) The aggregate amount of
bonds and other evidences of indebtedness outstanding at
any one time shall not exceed 15 per centum upon the
assessable basis of the county, except that (a) tax
anticipation notes or other evidences of indebtedness
having a maturity not in excess of 12 months, (b) bonds
or other evidences of indebtedness issued or guaranteed
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