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§ 18-208. Tax anticipation notes

West's Annotated Code of MarylandLand UseEffective: July 1, 2013

West's Annotated Code of Maryland
Land Use (Refs & Annos)
Division II. Maryland-National Capital Park and Planning Commission [Titles 14-27] (Refs & Annos)
Title 18. Finances (Refs & Annos)
Subtitle 2. Debt and Securities (Refs & Annos)
Effective: July 1, 2013
MD Code, Land Use, § 18-208
§ 18-208. Tax anticipation notes
Currentness
Authorized
(a)(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.
Renewal
(b) The Commission may reissue or renew its tax anticipation notes at an interest rate that the Commission determines to be advantageous.
Amount borrowed
(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.
Repayment
(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.

Credits

Added by Acts 2012, c. 426, § 2, eff. Oct. 1, 2012. Amended by Acts 2013, c. 674, § 1, eff. July 1, 2013.
MD Code, Land Use, § 18-208, MD LAND USE § 18-208
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document