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LAWS OF MARYLAND

Ch. 637

CHAPTER 637

(House Bill 1248)

AN ACT concerning

Public Debt - Bond and Grant Anticipation Notes

FOR the purpose of providing that municipal corporations, as
well as counties, may issue bond anticipation notes,
and that counties and municipal corporations may issue
grant anticipation notes on terms similar to bond
anticipation notes, payable from the first proceeds of
the revenues; clarifying language; and generally
relating to bond and grant anticipation notes.

BY repealing and reenacting, with amendments,

Article 31 - Public Debt

Section 12(a), (b), and (g)

Annotated Code of Maryland

(1976 Replacement Volume and 1979 Supplement)

BY adding to

Article 31 - Public Debt

Section 12(i)

Annotated Code of Maryland

(1976 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 31 - Public Debt

12.

(a) Any public body AND ANY MUNICIPAL CORPORATION,
INCLUDING THE MAYOR AND CITY COUNCIL OF BALTIMORE AND THOSE
MUNICIPAL CORPORATIONS SUBJECT TO THE PROVISIONS OF ARTICLE
11E OF THE STATE CONSTITUTION, now or hereafter authorized
to issue its bonds or other obligations for any proper
public purpose, [is hereby authorized and empowered] at one
time or from time to time [to] MAY issue and sell its bond
anticipation notes, in aggregate amount not greater than the
authorized amount of the bonds in anticipation of the sale
of which [said] THE notes are issued and sold, the principal
of and interest on [said] THE notes to be made payable to
the bearer or registered holder thereof out of the first
proceeds of sale of [said] THE bonds, or from the tax or
other revenue which [said] THE public body OR MUNICIPAL