Bill > SB416

This bill authorizes Carroll County to borrow up to $36,900,000 to finance public facilities and infrastructure projects, which are broadly defined to include roads, bridges, storm drains, public schools, community college buildings, administrative facilities, public safety buildings, libraries, water and sewer infrastructure, parks, and recreation facilities. The bill also allows the county to make loans to volunteer fire departments for emergency-related equipment and buildings. The bonds can be issued at public or private sale, with maturities up to 30 years, and the county has significant flexibility in determining the terms, interest rates, and sales conditions of the bonds. The bonds will be backed by the county's full faith and credit, meaning the county can levy taxes to ensure repayment if necessary. Additionally, the bill stipulates that the bond proceeds must be used exclusively for the specified public facilities and fire department purposes, and any excess funds can be applied to bond principal payments or redirected to other approved projects. The bonds and associated income will be exempt from state, county, municipal, and other taxes within Maryland. The legislation is designed to provide Carroll County with additional borrowing authority to support public infrastructure and community services, with the provisions taking effect on June 1, 2025.

Budget and Finance

Carroll County Senators

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0416?ys=2025RS