(a) (1) A municipality may not issue bonds that mature later than 40 years after the date of issue. (2) A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue. (b) A municipality may issue bonds and tax anticipation notes only for cash. (c) A municipality may not sell bonds or tax anticipation notes at less than par value. (d) (1) If the charter of a municipality requires a referendum on the issuance of municipal bonds, the bonds may be issued only if the bonds are approved by a majority of voters voting on the question. (2) If the referendum fails, another referendum may not be held on the question of issuing bonds for the same public purpose until 1 year after the election. (e) A municipality may not sell bonds unless the municipality: (1) solicits competitive bids at a public sale; and (2) publishes notice of the bond sale: (i) in the form required by the resolution or ordinance; (ii) in a newspaper of general circulation in the municipality and any other publication that is specified in the resolution or ordinance; and (iii) two times over a period of at least 10 days before the date specified for the bond sale.
Maryland Legal Code