§ 4-10-101. Borrowing limitations.

   (a)   Ceiling for indebtedness. The aggregate amount of bonds and other evidences of indebtedness outstanding at one time may not exceed:

      (1)   5.2% of the County's assessable basis of real property;

      (2)   13% of the County's assessable basis of personal property; and

      (3)   13% of the operating real property described in the Tax-Property Article, § 8-109(c), of the State Code.

   (b)   Exclusions. The following are not bonds or evidences of indebtedness within the meaning of subsection (a):

      (1)   tax anticipation notes or other evidences of indebtedness having a maturity not in excess of 12 months;

      (2)   bonds or other evidences of indebtedness issued or guaranteed by the County payable primarily or exclusively from taxes levied in or on, or other revenues of, special taxing districts; 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, including bonds or other evidences of indebtedness issued for water or wastewater facilities.

(1985 Code, Art. 6, § 9-101) (Bill No. 54-01)