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 Howard County
 Code of Ordinances
 HOWARD COUNTY CHARTER
 Article VI. BUDGETARY AND FISCAL PROCEDURES

  § 616. Borrowing limitations.  

Latest version.

  • (a)

    Unless and until otherwise provided by legislative act of the Council within the limitations provided by public general law, the aggregate amount of bonds and other evidences of indebtedness outstanding at any one time shall not exceed four and eight-tenths per centum upon the full cash value assessable base of the County, except that:

    (1)

    Tax anticipation notes or other evidences of indebtedness having a maturity not in excess of twelve months;

    (2)

    Bonds or other evidences of indebtedness issued or guaranteed by the County payable primarily or exclusively from taxes levied in or on, other revenues of, special taxing areas or districts heretofore or hereafter established by law; and

    (3)

    Bonds or other evidences of indebtedness issued for self liquidating and other projects payable primarily or exclusively from the proceeds of assessments or charges for special benefits or services;

    shall not be subject to or be included as bonds or evidences of indebtedness in computing or applying the per centum limitation above provided.

    (b)

    All bonds and other evidences of indebtedness shall be sold at public sale; provided, however, that bonds or other evidences of indebtedness may be sold by private (negotiated) sale if the Council shall find and determine in the bond issue authorization ordinance providing for the sale of the bonds or other evidences of indebtedness that, for reasons specified in the bond issue authorization ordinance, either:

    (1)

    It is not practical to sell such bonds or other evidences of indebtedness at public sale; or

    (2)

    A private (negotiated) sale will provide significant benefits to the county which would not be achieved if the bonds or other evidences of indebtedness were sold at public sale.

Editor's note

An amendment to § 616 proposed by Res. No. 33, 1990 was approved at an election held Nov. 6, 1990, and became effective Dec. 6, 1990. An amendment proposed by Res. No. 125, 2005, was approved by the voters at an election held on Nov. 7, 2006 and became effective Dec. 7, 2006.