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2007 Laws of Maryland
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Ch. 424
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(a) The county council of any charter county, the county commissioners of
any noncharter county, [and] the commissioners of finance of the Mayor and City
Council of Baltimore, AND THE COMMISSIONERS OF THE WASHINGTON
SUBURBAN SANITARY COMMISSION may, in authorizing or in providing for the sale
of municipal bonds, from time to time provide by resolution, which shall not be deemed
to be a legislative act, that loans authorized to be incurred and bonds authorized to be
sold by separate acts of enabling legislation be consolidated for sale and issued, sold
and delivered as a single issue of bonds, regardless whether enabling legislation
authorizing any such loan or the sale of any bonds evidencing such loan was enacted
before or after July 1, 1972.
(b) Any consolidated issue of municipal bonds made under the authority of
this section shall be designated "consolidated public improvement bonds" of the
issuing authority of the year in which the bonds are to be dated. The resolution
authorizing the issuance and sale of consolidated public improvement bonds may
determine all matters relating to the advertisement, sale, issuance, delivery and
payment of the bonds, including all matters relating to the forms, dates and
denominations of the bonds, the principal maturities, the methods to be used in
determining interest payable on the bonds, and provisions, if any, for registration, for
redemption prior to stated maturity, and for the use of facsimile signatures or seals.
Unless the bonds are authorized to be sold at private sale, a notice of sale or
advertisement of the public sale of consolidated public improvement bonds shall be
made at least once in a newspaper of general circulation in the county, [or] Baltimore
City, OR THE WASHINGTON SUBURBAN SANITARY DISTRICT, as the case may be,
prior to sale and may also be made in a newspaper circulating primarily among
bankers and investors, provided that at least one advertisement of public sale shall be
made not less than 10 days prior to sale. The net proceeds of sale of consolidated
public improvement bonds shall, after deduction of the expenses of sale, be applied in
the manner and for the purposes designated in the separate underlying acts of
enabling legislation providing authority for the loan evidenced by such bonds.
(c) The provisions of this section shall be deemed to supersede any
inconsistent provision of law.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2007.
Approved by the Governor, May 8, 2007.
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- 2556 -
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