Maryland

Decision instrument

The General Assembly authorizes state general obligation bonds. The law must provide a tax that can pay the debt within 15 years.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Maryland Constitution, Article III, Section 34. That tax may not be repealed or used for anything else until the debt is discharged. It does not have to be collected in a year when other state money is enough. There is no statewide voter referendum on these bonds. A county borrows by local law. A referendum happens only if the charter requires it, or if 10% of the county’s registered voters petition within 75 days (Local Government § 10-203). A municipality authorizes bonds by resolution or ordinance. A municipal referendum happens only if the charter or the ordinance requires it (Local Government § 19-303).

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report. The Capital Debt Affordability Committee recommends how much new general obligation debt is prudent. That advice is not a debt ceiling. County dollar rows are not attached.

Debt limit

A county’s outstanding bonds may not exceed 6% of the assessable basis of real property, plus 15% of personal property and operating real property.

What cap binds a county or a city, and is the state's own ceiling a different rule? Local Government § 10-203. A county charter may set a lower limit. Tax anticipation notes of 12 months or less are outside the cap. The state’s own constitutional rule is the 15-year payoff, not a percent of property. The affordability committee advises that tax-supported debt stay within 4% of personal income and debt service within 8% of revenues. That advice is not a statute.

Conflict rule

A state official may not take part in a matter in which the official has a known interest. There is no percent test in that ban.

Which ethics statute covers local officers, what counts as an interest, and who is left out? General Provisions § 5-501. The Governor, Lieutenant Governor, Attorney General, Comptroller, and Treasurer have an extra disclosure for entities they own above 10%. That 10% is not the participation ban, and it is not a rule for county officers. Counties and municipalities must adopt their own ethics laws at least as strict as the state law for elected local officials. Those local codes are not attached.

Geography

Twenty-three counties, plus Baltimore City.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Baltimore City is county-equivalent FIPS 24510. It is not part of Baltimore County, whose seat is Towson. Dollar rows are blank.

Primary money record

$9.954 billion general obligation bonds.

Which audited report is the state's own number, and as of what date? Annual Comprehensive Financial Report, year ended June 30, 2025. General obligation principal outstanding: $9,954,099,000. The management discussion’s $11.324 billion is that stock after premiums, discounts, and adjustments. It is not a second issue. During the year the state issued $1.557 billion, including $656.7 million that refunded $685.8 million. Authorized and unissued general obligation bonds: $4.694 billion.

Who pays the coupon

Full faith and credit. Debt service is paid from the Annuity Bond Fund, primarily from the state property tax.

Which fund, tax, or rate is actually pledged — not which new store might show up later? On the bonds outstanding June 30, 2025, fiscal 2026 debt service due is $1.453 billion: principal $1.023 billion and interest $429 million. That is the audited schedule of what is due. It is not cash paid in fiscal 2025.

Other obligors

Consolidated transportation bonds: $3.472 billion principal. Do not add them to the $9.954 billion.

Which authorities and districts borrow beside the state and must not be added to its total? They are secured by transportation revenues, not by the general obligation pledge. The management discussion shows $3.746 billion after premiums. Business-type revenue bonds are a separate $7.644 billion. The management discussion’s $22.7 billion of all bonded debt adds those piles together, with premiums. The card does not.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.