Ch. 244

1996 LAWS OF MARYLAND

2.       A. PRIOR TO THE ISSUANCE OF ANY LOCAL
OBLIGATION UNDER THIS PARAGRAPH, THE ISSUER SHALL PUBLISH IN A
NEWSPAPER OF GENERAL CIRCULATION IN THE JURISDICTION OF THE ISSUER A
NOTICE OF THE PROPOSED ISSUANCE, AND THE GOVERNING BODY OF THE ISSUER
SHALL HOLD A PUBLIC HEARING ON THE PROPOSED ISSUANCE.

B. THE NOTICE SHALL INCLUDE THE PROPOSED AMOUNT OF
THE ISSUE, THE NATURE OF THE PROJECT TO BE FINANCED, THE TIME AND PLACE
OF THE PUBLIC HEARING, AND THE NAME AND ADDRESS OF THE GOVERNING BODY
WHERE WRITTEN COMMENTS MAY BE SENT.

3.       A. EACH ORDINANCE OR RESOLUTION ENACTED
UNDER THIS PARAGRAPH SHALL BE ADOPTED BY THE GOVERNING BODY OF THE
ISSUER, AND APPROVED BY THE CHIEF EXECUTIVE OFFICER OF THE ISSUER, IF ANY,
AND SHALL HAVE THE FORCE OF LAW, AND, EXCEPT AS PROVIDED IN
SUB-SUB-SUBPARAGRAPH B OF THIS SUB-SUBPARAGRAPH, IT IS NOT NECESSARY TO
SUBMIT AN ORDINANCE OR RESOLUTION OR THE QUESTION OF THE ISSUANCE OF
LOCAL OBLIGATIONS AUTHORIZED THEREBY TO A REFERENDUM OF THE
QUALIFIED VOTERS OF THE ISSUER.

B.       IN THE EVENT THAT THE CHARTER OF A COUNTY OR
MUNICIPALITY AUTHORIZES QUALIFIED VOTERS TO PETITION AN ORDINANCE OR
RESOLUTION FOR REFERENDUM, QUALIFIED VOTERS OF THE COUNTY OR
MUNICIPALITY MAY PETITION AN ORDINANCE OR RESOLUTION AUTHORIZING THE
ISSUANCE OF LOCAL OBLIGATIONS FOR REFERENDUM WITHIN 20 DAYS OF
ADOPTION BY THE GOVERNING BODY OF THE ISSUER.

C,      THE ORDINANCE OR RESOLUTION AUTHORIZING THE
ISSUANCE OF LOCAL OBLIGATIONS MAY BE ADOPTED BY THE GOVERNING BODY OF
THE ISSUER AT THE PUBLIC HEARING REQUIRED UNDER SUB-SUBPARAGRAPH 2 OF
THIS SUBPARAGRAPH OR AT ANY OTHER REGULAR OR SPECIAL SESSION OF THE
GOVERNING BODY OF THE ISSUER AND THE ORDINANCE OR RESOLUTION SHALL BE
EFFECTIVE ON THE DATE ON WHICH IT IS ADOPTED AND APPROVED.

(V) ALL ISSUANCES OF LOCAL OBLIGATIONS UNDER THIS
PARAGRAPH SHALL BE SECURED, AT THE DISCRETION OF THE ADMINISTRATION.
BY EITHER A PLEDGE OF THE FAITH AND CREDIT OF THE ISSUER OR A PLEDGE OF
SPECIFIC REVENUE OF THE ISSUER OR THE FACILITY BEING FINANCED AS
DESIGNATED AND DESCRIBED IN THE AUTHORIZING ORDINANCE OR RESOLUTION,
OR BOTH, AND SHALL BE SUBJECT TO THE FOLLOWING PROVISIONS:

1. FAITH AND CREDIT OBLIGATIONS:

A. IF LOCAL OBLIGATIONS ISSUED BY AN ISSUER UNDER
THIS PARAGRAPH CONSTITUTE PLEDGES OF THE FAITH AND CREDIT OF THE ISSUER
TO MAKE PROMPT PAYMENT, FROM THE TAX AND OTHER REVENUES DESCRIBED IN
THE ENABLING RESOLUTION OR ORDINANCE, OF THE PRINCIPAL OF AND INTEREST
ON THE LOCAL OBLIGATIONS WHEN DUE, THEN THE PLEDGE SHALL CONSTITUTE A
COVENANT ON THE PART OF THE ISSUER TO LEVY UPON ALL REAL AND TANGIBLE
PERSONAL PROPERTY WITHIN ITS CORPORATE LIMITS SUBJECT TO ASSESSMENT

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