Section 19-304 - Limitations on authority to issue bonds and tax anticipation notes(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.Revised and recodified by 2013 Md. Laws, Ch. 119,Sec. 2, eff. 10/1/2013.