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PARRIS N. GLENDENING, Governor
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Ch. 291
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(b) The State Board shall determine the effective date and conditions of the
decertification.
REVISOR'S NOTE: This section formerly was Art. 33, § 9-103.
No changes are made.
9-104. BORROWING TO PURCHASE VOTING SYSTEM.
(A) DEFINITION.
IN THIS SECTION, "BONDS" MEANS INDIVIDUAL NOTES, BONDS, OR OTHER
EVIDENCES OF INDEBTEDNESS.
(B) AUTHORITY TO BORROW MONEY.
A COUNTY MAY ISSUE BONDS TO FINANCE ALL OR PART OF THE COSTS OF A
VOTING SYSTEM.
(C) GENERAL OBLIGATION BONDS.
A COUNTY MAY:
(1) ISSUE GENERAL OBLIGATION BONDS TO FINANCE ALL OR PART OF
THE COSTS OF A VOTING SYSTEM WITHOUT REGARD TO ANY CONSTITUTIONAL,
STATUTORY, CHARTER, OR OTHER LIMITATIONS ON THE BORROWING POWER OF THE
COUNTY; AND
(2) PLEDGE ITS FULL FAITH AND CREDIT AND TAXING POWER TO THE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS.
(D) BONDS — REQUIREMENTS.
(1) THIS SUBSECTION APPLIES TO BONDS ISSUED UNDER THIS SECTION.
(2) THE BONDS OF EACH ISSUE SHALL BE AUTHORIZED BY ORDINANCE
OR RESOLUTION OF THE COUNTY GOVERNING BODY.
(3) THE AUTHORIZING ORDINANCE OR RESOLUTION SHALL SPECIFY
THAT THE BONDS:
(I) BE DATED;
(II) BEAR INTEREST AT A RATE OR RATES TO BE DETERMINED IN
THE MANNER THAT IS SPECIFIED IN THE ORDINANCE OR RESOLUTION; AND
(III) MATURE AT CERTAIN TIMES.
(4) THE AUTHORIZING ORDINANCE OR RESOLUTION MAY MAKE THE
BONDS REDEEMABLE BEFORE MATURITY:
(I) AT THE PRICE SET BEFORE BONDS ARE ISSUED; AND
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(II) UNDER THE TERMS AND CONDITIONS SET BEFORE BONDS ARE
ISSUED.
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- 2461 -
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