Current as of: 2010
(a) For the purpose of paying for lands or other property within the district acquired or to be acquired by the Commission, whether by condemnation or purchase, for parks, parkways, forests, streets, roads, highways, boulevards, and other public ways, grounds, and spaces, and for the purposes of public recreation, or for the development or improvement thereof, the Commission may issue and sell serial bonds, notes, and other obligations, which need not be serial, ("bonds") from time to time in amounts it deems necessary for these purposes and under rules and regulations the Commission determines.
(b) The total amount of bonds outstanding at any time may not exceed an amount that can be redeemed within 30 years from date of issue by means of so much of the tax or taxes hereinafter authorized as is pledged to the payment of the bonds, to the extent that the taxes are or are proposed to be levied in Montgomery County or Prince George’s County, or both. In making the calculation to determine compliance with the limitation contained in this subsection, the Commission may make the following assumption: (i) continued future levy of the tax or taxes at the rate established by each county; (ii) 100 percent collection of the tax in each fiscal year; (iii) the assessed value of property at the time the bonds are issued will remain constant.
(c) Bonds shall be either registered or coupon bonds in a denomination or denominations as determined by the Commission, shall bear interest annually at a rate the Commission determines to be advantageous and otherwise in the public interest, payable semiannually or at such other times as the Commission may determine, and shall mature in not exceeding 50 years from the date of issue, and shall be issued under the hand and seal of the Commission, by manual or facsimile signature. Notwithstanding the provisions of any other law, the Commission may sell bonds at public sale or, if the Commission by resolution determines that a more advantageous price may be obtained by private negotiation, and may provide in the issue of bonds for their redemption prior to their stated maturity, in whole or in part at the option of the Commission, at redemption prices which may be in excess of the par value of the bonds.
(d) (1) Bonds shall be issued upon the full faith and credit of the Commission and of the county or counties guaranteeing them as hereinafter provided.
(2) In the event that the Commission resolves to expend the proceeds of any issue of bonds throughout the metropolitan district, the bonds shall be guaranteed to the payment of principal and interest by Prince George’s County and by Montgomery County. The guarantee shall be endorsed on each of the bonds in the following language: "The payment of interest when due and of the principal on maturity is guaranteed by Montgomery and Prince George’s Counties, Maryland". This endorsement shall be signed by manual or facsimile signature on each of the bonds by the county executives of Montgomery and Prince George’s Counties. In the event of any liability under the above guarantee, the liability for each county shall be in the proportion the assessable basis for that part of the county within the metropolitan district bears to the assessable basis of the whole of the district.
(3) If the proceeds of any issue of bonds are to be expended only in or for the benefit of that portion of the metropolitan district that is in Montgomery County, the bonds shall be guaranteed as to the payment of principal and interest by Montgomery County. The guarantee shall be endorsed on each of the bonds in the following language: "The payment of interest when due and of the principal on maturity is guaranteed by Montgomery County, Maryland". The endorsement shall be signed on each bond by the County Executive of Montgomery County.
(4) If the proceeds of any issue of bonds are to be expended only throughout that portion of the metropolitan district within Prince George’s County, the bonds shall be guaranteed as to the payment of principal and interest by the County Executive of Prince George’s County in the same form and manner as is above provided for Montgomery County.
(e) If the proceeds of any issue of bonds are to be expended throughout the metropolitan district, such proceeds shall be expended in that portion of each county within such district in such proportion as the assessable basis of that portion of either county bears to the assessable basis of the whole of such district. However, the Commission may issue such bonds for carrying out its corporate purposes in that portion of such district within either county. The proceeds of the sale of bonds to be expended within or for the benefit of that portion of the district within Montgomery County shall be expended only upon the recommendation of the members of the Commission from Montgomery County. In like manner, the proceeds of the sale of bonds issued to be expended within that portion of the district within Prince George’s County shall be expended only upon the recommendation of the members of the Commission from Prince George’s County.
(f) (1) In order to carry out any of its puPrev
Questions & Answers: Government Property
U.S. Code Provisions: Government Property
Federal Regulations: Government Property