§ 18-208
182 words·~1 min read·
/md/land-use/18-208A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§18–208.
(1)The Commission may borrow money to meet its expenses, including debt service for any bonds issued under this title, within either county by issuing tax anticipation notes.
(2)The tax anticipation notes shall:
(i)bear interest at an annual rate that the Commission determines to be advantageous and in the public interest; and
(ii)be signed by the chair and secretary–treasurer of the Commission by manual or facsimile signature.
(3)The tax anticipation notes may be issued to any bank, institution, or person willing to lend the money.
(b)The Commission may reissue or renew its tax anticipation notes at an interest rate that the Commission determines to be advantageous.
(c)The total amount borrowed under this section and outstanding in any fiscal year may not exceed 75% of the total revenues received by the Commission from the taxes imposed and derived during the Commission’s preceding fiscal year under this title.
(d)Money borrowed during any fiscal year shall be repaid not later than during the next fiscal year from the revenues derived from the taxes under this title.