Bill > SB623

This bill authorizes St. Mary's County to borrow up to $71 million to finance public facilities and infrastructure projects through the issuance of general obligation bonds. The term "public facilities" is broadly defined to include a wide range of infrastructure and community improvements, such as highways, roads, bridges, storm drains, public school buildings, boating facilities, administrative buildings, athletic facilities, community colleges, swimming pools, public safety and health facilities, libraries, parks, and recreation facilities. The bonds can be issued at public or private sale, with flexible terms including variable interest rates and maturities up to 30 years. The bonds will be backed by the full faith and credit and unlimited taxing power of the county, meaning the county is legally obligated to levy taxes to repay the debt if necessary. The bill also provides provisions for refunding existing bonds, replacing lost or damaged bonds, and exempts the bonds from state and local taxation. The legislation is designed to give St. Mary's County additional financial flexibility to fund important community infrastructure projects, with the bonds set to be effective from June 1, 2025.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0623?ys=2025RS