Maryland § 16-405
Full text of Maryland Maryland Code § 16-405, with citation guidance and answers to common questions.
§ 16-405.
(a) This section does not apply to Baltimore City.
(b) A county or municipality may borrow money under this subtitle on its full faith and credit.
(c) A county or municipality may issue individual notes, certificates of debt, or other evidence of indebtedness for any amount borrowed under this subtitle.
(d) Subject to the limits in this subtitle, the governing body of a county or municipality shall determine:
(1) the manner, method, means, and conditions for borrowing money under this subtitle;
(2) the kind and character of the debt issued;
(3) the form and substance of the debt issued;
(4) the interest rate of the debt issued;
(5) the manner, method, or means of sale, both public or private, of the debt issued;
(6) when the money shall be borrowed; and
(7) when the debt shall be issued.
(e) A county or municipality may not incur debt under this subtitle in an aggregate amount that exceeds the total amount estimated to be raised by a property tax imposed by the county or municipality at a rate of 3.2 cents on each $100 of assessment.
(f) A debt incurred under this subtitle shall mature and be paid within 2 years after the date the debt was incurred.
(g) Subject to § 16–404(b) of this subtitle, a county or municipality that borrows money under this subtitle shall impose a property tax in an amount sufficient to repay the money borrowed, with interest, in full within 2 years after the date the debt was incurred.
Frequently Asked Questions About Maryland § 16-405
What does Maryland Code § 16-405 cover?
Section 16-405 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 16-405?
A common citation format is "Maryland Code § 16-405" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 16-405 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.