MD SB623

St. Mary's County is authorized to borrow up to $71,000,000 through the issuance and sale of general obligation bonds to finance construction, improvement, or development of public facilities

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

Bonds may be issued at public or private sale with a maximum maturity of 30 years from the date of issue, and the County has authority to set interest rates (including variable rates), terms, and conditions by resolution

Bonds and any income derived from them are exempt from all State, county, municipal, and other taxation in Maryland

The County must levy annual ad valorem taxes sufficient to pay the maturing principal and interest on the bonds; effective date is June 1, 2025