Ch. 685

LAWS OF MARYLAND

(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, 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.

(B)  THE BONDS, THEIR TRANSFER, THE INTEREST PAYABLE ON THE
BONDS, AND ANY INCOME DERIVED FROM THE BONDS, INCLUDING ANY
PROFIT REALIZED IN THE SALE OR EXCHANGE OF THE BONDS, AT ALL
TIMES SHALL BE EXEMPT FROM TAXATION OF EVERY KIND AND NATURE
WHATSOEVER BY THE STATE, OR BY ANY OF ITS POLITICAL SUBDIVISIONS,
MUNICIPAL CORPORATIONS, OR PUBLIC UNITS OF ANY KIND.

(C)  THE BONDS AND THE ISSUANCE AND SALE OF THE BONDS ARE
EXEMPT FROM THE PROVISIONS OF ARTICLE 31, §§ 9, 10, AND 11 OF THE
CODE.

(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 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
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 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
ANY OTHER GUARANTEE OF THE ISSUING COUNTY, AND THE PROGRAMS OR
PROJECTS BEING FINANCED ARE NOT SUBJECT TO:

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