St. Mary's County - Public Facilities Bond

SB 623 authorizes St. Mary’s County to borrow up to $71 million through general obligation bonds to fund public facilities like schools, roads, bridges, parks, and community infrastructure. The county may use these bonds to finance construction, improvements, or repairs of facilities listed in the bill, including public works projects and operational buildings. To repay the bonds, the county is required to levy annual property taxes sufficient for principal and interest payments, with the bonds and their interest exempt from state and local taxes. The bonds may mature within 30 years, and the county has full discretion over bond terms like interest rates and sale methods.