Bill > HB561

This bill authorizes St. Mary's County to borrow up to $71 million to finance public facilities through the issuance of general obligation bonds. The term "public facilities" is broadly defined to include a wide range of infrastructure and community projects such as highways, roads, bridges, storm drains, public school buildings, boating facilities, shore erosion protection, landfills, recycling facilities, administrative buildings, athletic facilities, community colleges, swimming pools, public safety and health buildings, libraries, commuter air service facilities, and parks and recreation facilities. The bonds will be backed by the county's full faith and credit and unlimited taxing power, meaning the county can levy taxes to ensure repayment. The bill provides the County Commissioners significant flexibility in structuring the bonds, including determining interest rates, maturity dates, sale methods, and redemption terms. The bonds will be exempt from state and local taxation, and the county can issue additional bonds if the initial funds prove insufficient. The bill is designed to provide St. Mary's County with a comprehensive financing mechanism for public infrastructure improvements, with the bonds set to take effect on June 1, 2025.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0561?ys=2025RS