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3476 LAWS OF MARYLAND Ch. 738
CHAPTER 738
(Senate Bill 678)
AN ACT concerning
Municipal Corporation Charter - Bond Issuances
FOR the purpose of amending the model municipal corporation
charter to provide for the sale of municipal bonds or notes
by either private negotiated sale or public competitively
bid sale; providing a certain method for giving notice of
the public sale of municipal bonds or notes; providing for
the sale or redemption of municipal bonds or notes at a
price or prices at, above, or below par value; providing for
the issuance of municipal bonds or notes for either cash or
other valuable consideration; providing that official
signatures and seals on municipal bonds or coupons notes may
be imprinted in facsimile; specifying that municipal
corporations may set the terms and conditions, including
interest rates, for bond issuance, sale, and delivery;
allowing prior redemption of municipal bonds or notes;
allowing municipal corporations to enter into agreements
with certain parties for purposes relating to bond
issuances; and generally relating to the issuance of
municipal bonds or notes.
BY repealing and reenacting, with amendments,
Article 23B - Municipal Corporation Charter
Section 61
Annotated Code of Maryland
(1981 Replacement Volume and 1984 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 23B - Municipal Corporation Charter
61.
(A) (1) During the first [six] 6 months of any fiscal year,
the [town] MUNICIPAL CORPORATION may borrow in anticipation of
the collection of the property tax levied for that fiscal year,
and may issue tax anticipation notes or other evidences of
indebtedness as evidence of such borrowing.
(2) Such tax anticipation notes or other evidences of
indebtedness shall be a first lien upon the proceeds of such tax
and shall mature and be paid not later than [six] 6 months after
the beginning of the fiscal year in which they are issued.
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