Bill > HB927

This bill authorizes the County Commissioners of Carroll County to borrow up to $27,000,000 to finance the construction, improvement, or development of various public facilities, which includes a broad range of projects such as roads, schools, libraries, water and sewer infrastructure, and parks, as well as providing loans to volunteer fire departments for equipment and facilities. The County can achieve this borrowing by issuing and selling general obligation bonds, which are a type of debt backed by the full faith and credit and taxing power of the County. The bill outlines the extensive authority the County Commissioners have in determining the specifics of these bonds, including their interest rates, maturity dates (up to 30 years), sale methods (public or private), and other terms, and also allows for the use of installment purchase obligations for acquiring land easements. The net proceeds from the bond sales must be used exclusively for the authorized public facilities and loans, with any excess funds to be applied to bond payments or reallocated for similar purposes. The bonds and any income derived from them are declared exempt from state and local taxes within Maryland. This legislation is intended to provide an additional and supplementary borrowing authority for the County, and it will take effect on June 1, 2026.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0927?ys=2026RS