Maryland Washington Suburban Sanitary District Section 3-203

      (a)      (1)      For the purpose of providing funds for the planning, acquisition, construction, reconstruction, establishment, extension, enlargement, demolition or purchase of facilities (including without limitation any land, interests in land, or equipment) for the control and disposition of storm and surface waters, including floodproofing, flood control, or navigation programs and other stormwater programs and systems, Montgomery County, Prince George's County, and the City of Takoma Park may issue bonds, from time to time, in any amounts as they may deem necessary to provide funds for their respective portions of the stormwater programs and systems authorized under the provisions of this subtitle. Bonds of the City of Takoma Park authorized by this subtitle may be issued in conjunction with bonds of Prince George's County authorized by this subtitle in the manner provided by resolutions of the City Council of the City of Takoma Park and the County Council of Prince George's County, subject in each case to approval of bond counsel for the respective jurisdiction. The resolutions may include, without limitation, procedures for a joint or coordinated offering or sale of the bonds. In addition, Prince George's County may issue bonds authorized by this subtitle payable from the ad valorem taxes authorized by § 3-205(a) of this subtitle for the benefit of the City of Takoma Park for the same purposes for which the City of Takoma Park may issue bonds under this subtitle in connection with systems located within the City of Takoma Park (including systems located within that portion of the City of Takoma Park located in Montgomery County), subject to the approval of bond counsel of Prince George's County. Such bonds shall be approved by appropriate resolutions of the City Council of the City of Takoma Park and the County Council of Prince George's County, which shall provide for the lending of the appropriate portion of the proceeds of such bonds by Prince George's County to the City of Takoma Park and the repayment of the loan by the City of Takoma Park to Prince George's County in such amounts and at such times as shall be necessary to enable Prince George's County to make all payments of principal of and interest on such bonds when due, including (without limitation) the proportionate part of any principal of any outstanding sinking fund bonds, as determined by the Table of Redemption of Bonds for bonds issued by Prince George's County for the benefit of the City of Takoma Park for stormwater management under this subtitle.

            (2)      Bonds issued under the authority of this section:

                  (i)      Are fully registered (as to both principal and interest) general obligation bonds of the issuing county or the City of Takoma Park approved by ordinance or other legislative act of the county or city;

                  (ii)      Shall bear interest payable at any time and at any annual rate as may be determined as provided or permitted by legislative act;

                  (iii)      May not mature later than 40 years from the date of their issue;

                  (iv)      May be made redeemable before maturity at the option of the issuing county or the City of Takoma Park, at any price and under any terms and conditions as may be fixed before their issuance;

                  (v)      Shall have any other terms and provisions and be otherwise issued as provided or permitted by legislative act; and

                  (vi)      Shall be sold in any manner, either at public or private (negotiated) sale, and on any terms, at, above, or below par, as provided or permitted by legislative act.

      (b)      The bonds, their transfer, the interest payable on the bonds, and any income derived from the bonds, including any profit realized in the sale or exchange of the bonds, at all times shall be exempt from taxation of every kind and nature whatsoever by the State, or by any of its political subdivisions, municipal corporations, or public units of any kind.

      (c)      The bonds and the issuance and sale of the bonds are exempt from the provisions of Article 31, §§ 9, 10, and 11 of the Code.

      (d)      The bonds authorized by this section shall constitute, and they shall so recite, an irrevocable pledge of the full faith and credit and unlimited taxing power of the issuing county or the City of Takoma Park to the payment of the maturing principal of and interest on the bonds as and when they become payable. The bonds shall be payable, in the first instance, from the issuing county's or the City of Takoma Park's stormwater management fund. To the extent this fund is insufficient to pay the principal, interest, and redemption premium, if any, on the bonds, the issuing county or the City of Takoma Park shall levy ad valorem taxes, unlimited as to rate or amount, on all assessable property within the district in an amount sufficient to provide for the payment of the principal, interest, and redemption premium, if any, when due.

      (e)      Notwithstanding any limitations or other provisions to the contrary of any charter or local law regulating the creation of public debts or the financing of capital projects, the bonds issued under this section, the borrowing which they represent, the pledge of the full faith and credit of the issuing county or the City of Takoma Park or any other guarantee of the issuing county, or the City of Takoma Park, and the programs or projects being financed are not subject to:

            (1)      Any referendum requirements of the charter or other local law of the county or the City of Takoma Park issuing the bonds or in which the programs or projects are located;

            (2)      Any limitation of the charter or local law on the rate of taxation or the aggregate amount of taxes that may be levied within the issuing county or the City of Takoma Park; or

            (3)      Any requirement of charter or local law as to the form or public sale of the bonds.

      (f)      This section shall constitute and shall be construed as independent, additional, and supplemental authority for Montgomery County, Prince George's County, and the City of Takoma Park to issue bonds for the purposes provided on enactment of an ordinance or other legislative act by the issuing county or the City of Takoma Park.