Maryland Maryland-National Capital Park and Planning Commission Section 6-104

      (a)      If any bonds are issued under this title subject to redemption or repurchase, at the option of the Commission, then the Commission may redeem or repurchase such bonds at the redemption prices therein stated, plus accrued interest and provide funds for the redemption or repurchase by the issue and sale from time to time of refunding bonds in the manner and upon the terms and conditions hereinafter set forth.

      (b)      The refunding bonds may be issued in amounts sufficient to accomplish the redemption or repurchase and in units corresponding to the bonds to be repurchased or refunded or an issue of refunding bonds may be made in an amount sufficient to provide for the refunding or repurchase of several issues of bonds. In no event may bonds initially issued on account of lands purchased in Prince George's County and bonds initially issued on account of lands purchased in Montgomery County be refunded or repurchased through the flotation of a single issue of refunding bonds authorized hereinabove.

      (c)      The refunding bonds so authorized may be identified as refunding bonds or designated in any other appropriate fashion. The Commission may determine the terms and conditions of the bonds and the manner, method, and place of sale thereof, subject only to the condition that in no event may any issue of the bonds mature later than 60 years from the earliest of the respective dates of issue of the corresponding series of bonds or notes in substitution for which any issue of bonds hereby authorized are issued.

      (d)      In pursuance of the foregoing, the Commission may offer the bonds for sale at not less than par, either by competitive bids at public sale or, if the Commission by resolution determines that a more advantageous price may be obtained, then by private negotiations; issue the bonds in serial maturity form or with a single fixed date or maturity; make the bonds redeemable in whole or in part by lot or otherwise after a certain period or date; issue them subject to registration as to principal and interest or as to principal only; establish and maintain, in accordance with law, a sinking fund for the payment of the maturing principal and interest of the bonds; fix the interest rate payable thereon at such rate or rates annually as the Commission determines to be advantageous and otherwise in the public interest, to prescribe the manner in which the rates of interest shall be determined; and generally, determine all of the provisions of the bonds.

      (e)      The bonds issued in accordance with the foregoing provisions shall be guaranteed, by endorsement thereon, as to payment of principal and interest by Montgomery County or by Prince George's County, as the case may be, in the manner hereinabove prescribed for all other issues of bonds of the Commission. All the bonds shall be issued upon the full faith and credit of the county guaranteeing them. The principal and interest thereof shall be payable, either directly or through the medium of a sinking fund, from the proceeds of the collection of the taxes authorized to be levied to provide funds for servicing the bonds in substitution for which the bonds hereby authorized shall be issued, but the funds needed for principal and interest payments of the bonds authorized may not be preferred in the division of tax proceeds over the funds needed for principal and interest payments or any other issue of bonds payable therefrom in accordance with law.