2013 Maryland Code
LAND USE
§ 18-203 - Bonds -- In general.

§18-203.

(a) The Commission may issue and sell bonds in amounts necessary for the purposes under subsection (b) of this section and under regulations the Commission determines.

(b) The Commission may issue the bonds to pay for the acquisition of property in the metropolitan district for the purposes of § 17-101(b) of this article.

(c) The Commission may issue the bonds periodically in one or more series.

(d) (1) Subject to paragraph (2) of this subsection, the amount of bonds outstanding at any time may not exceed an amount that is redeemable within 30 years from the date of issue by the tax authorized and pledged to pay the bonds, to the extent that the tax is proposed to be imposed in Montgomery County or Prince George’s County or both.

(2) To determine the amount of bonds that may be outstanding under paragraph (1) of this subsection, the Commission may assume:

(i) future imposition of the tax at the rate established by each county;

(ii) 100% collection of the tax in each fiscal year; and

(iii) the assessed value of property at the time the bonds are issued will remain constant.

(e) The bonds shall:

(1) be registered or coupon bonds in denominations determined by the Commission;

(2) bear interest:

(i) annually at a rate the Commission determines to be advantageous and otherwise in the public interest; and

(ii) payable semiannually or at a time determined by the Commission;

(3) mature within 50 years from the date of issue; and

(4) be issued under the hand and seal of the Commission, by manual or facsimile signature.

(f) Notwithstanding any other law, the Commission may sell the bonds by competitive or negotiated sale in a manner, for a price, and at rates the Commission determines to be in its best interests.

(g) (1) In the issue of bonds, the Commission may provide for the redemption of some or all of the bonds before their stated maturity.

(2) The redemption price of the bonds may be greater than the par value of the bonds.