MD HB561

Authorizes St. Mary's County to borrow up to $71,000,000 through general obligation bonds to finance construction, improvement, or development of public facilities

Eligible projects include highways, roads, bridges, storm drains, public schools, boating facilities, landfills, recycling facilities, libraries, parks, athletic facilities, community college, swimming pools, public safety buildings, and health and social services facilities

Bonds may be issued at public or private sale with maximum maturity of 30 years from date of issue; County has discretion to set interest rates, terms, and conditions

Bonds and interest earned are exempt from all State, county, and municipal taxation in Maryland; County must levy annual ad valorem taxes sufficient to pay principal and interest

Takes effect June 1, 2025