Ch. 369 LAWS OF MARYLAND

(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.

(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 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.

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