Bill > HB1513

This bill authorizes the County Commissioners of Calvert County to borrow up to $80,957,080 to fund the construction, improvement, or development of public facilities, which includes a broad range of projects like public buildings, roads, storm drainage systems, and the acquisition of land, as well as related professional services. The County can issue general obligation bonds, which are backed by the full faith and credit and taxing power of the County, to secure these funds. The bill outlines the County's authority to determine the specifics of these bonds, including their interest rates, maturity dates (up to 30 years), and whether they are sold through public or private sale, with provisions for their redemption and registration. The proceeds from these bonds must be used solely for the authorized public facilities, and any excess funds can be used for future projects or to pay down existing debt. The bill also allows for the issuance of refunding bonds to pay off existing debt and clarifies that these bonds and their interest are exempt from state and local taxes in Maryland. This new borrowing authority is in addition to any existing powers the County may have and is intended to be liberally construed for the welfare of Calvert County residents, taking effect on June 1, 2026.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1513?ys=2026RS