<section article="glu" article_name="Land Use" number="18-101" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>The public general laws governing the preparation and filing of budgets by State units do not apply to the Commission.</text> </section> <section article="glu" article_name="Land Use" number="18-102" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>The Commission shall prepare annual capital and operating budgets for each fiscal year beginning on July 1 and ending on June 30 of the subsequent year.</text> </section> <section article="glu" article_name="Land Use" number="18-103" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>The budgets shall contain:</text> <level label="1"> <text>separately for each county for which items are allocable and for which a tax is imposed, the proposed expenditures and estimates of anticipated revenue;</text> </level> <level label="2"> <text>a complete planning work program for each county in the regional district, including a schedule for the production of all plans and amendments;</text> </level> <level label="3"> <text>items allocable jointly to both counties, including provisions for:</text> <level label="i"> <text>the operation of the units of the Commission established by law; and</text> </level> <level label="ii"> <text>the regional planning program; and</text> </level> </level> <level label="4"> <text>a schedule of recreation activities and programs for Prince George’s County in accordance with § 25–806 of this article.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-104" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>The Commission shall submit the proposed budgets on or before January 15 of each year to the county executives of Montgomery County and Prince George’s County.</text> </section> <section article="glu" article_name="Land Use" number="18-105" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>In Montgomery County, the County Executive shall submit the proposed budgets to the County Council, together with the County Executive’s recommendations, on or before March 1 of each year.</text> </level> <level label="b"> <text>In Prince George’s County, the County Executive shall submit the proposed budgets to the County Council, together with the County Executive’s recommendations, on or before April 1 of each year.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-106" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>After public notice, each county council shall hold a public hearing on the Commission’s proposed budgets at least 21 days after receiving the budgets from the county executive.</text> </level> <level label="b"> <text>On or before June 1 of each year, each county council shall, by resolution:</text> <level label="1"> <text>approve the portion of the budgets allocable to that county, with any alterations made under subsection (c) of this section; and</text> </level> <level label="2"> <text>subject to the requirements and limitations of Subtitles 3 and 4 of this title and Title 21 of this article, impose taxes in the amounts the county council determines to be necessary to finance the portion of the budgets allocable to that county.</text> </level> </level> <level label="c"> <level label="1"> <text>Subject to paragraph (2) of this subsection, each county council may add to, delete from, increase, or decrease any part of the budgets allocable solely to that county.</text> </level> <level label="2"> <level label="i"> <text>This paragraph applies only in Prince George’s County.</text> </level> <level label="ii"> <text>In Prince George’s County, the county council may not allocate any part of the budgets allocable solely to the county to:</text> <level label="1"> <text>the county council; or</text> </level> <level label="2"> <text>unless approved on or before June 1 in accordance with subsection (b) of this section:</text> </level> <level label="A"> <text>the Prince George’s County government, including a governmental unit of the county; or</text> </level> <level label="B"> <text>any third–party business entity or individual.</text> </level> </level> </level> </level> <level label="d"> <level label="1"> <text>Budget items allocable to both counties as submitted by the Commission shall be concurred in by both county councils.</text> </level> <level label="2"> <text>The county councils may concur in additions to, deletions from, increases to, or decreases from budget items allocable to both counties.</text> </level> <level label="3"> <text>Failure of the county councils to concur in any budget item allocable to both counties by June 15 shall constitute approval of the item as submitted by the Commission.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-107" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>Within 3 calendar days after approval of the budgets, each county council shall submit the budgets to the respective county executive.</text> </level> <level label="b"> <text>Within 10 days after delivery of the budgets by the county council, the county executive may disapprove or reduce any item contained in the budgets or the planning work program.</text> </level> <level label="c"> <text>If the county executive disapproves or reduces any item in the budgets, the county executive shall return the budgets to the respective county council with the reasons for the county executive’s disapproval or reduction stated in writing.</text> </level> <level label="d"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection, within 30 days after the respective county executive returns the budgets, each county council may, by affirmative vote of six of its members, reapprove or restore any item over the disapproval of the county executive.</text> </level> <level label="2"> <text>In Montgomery County, within 30 days after the county executive returns the budgets, the county council may, by affirmative vote of eight of its members, reapprove or restore any item over the disapproval of the county executive.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-108" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>After adoption of the budgets by the county councils, the budgets may be amended by resolution by the county councils on their initiative or at the request of the Commission.</text> </level> <level label="b"> <text>Before adopting a budget amendment under this subsection, a county council shall:</text> <level label="1"> <text>receive recommendations from the respective county executive; and</text> </level> <level label="2"> <text>hold a public hearing on reasonable notice to the public.</text> </level> </level> <level label="c"> <text>An amendment to a budget item allocable to both counties is not effective unless it has received the concurrence of both county councils.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-109" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>Unless approved by either or both county councils, as applicable, after receiving recommendations from either or both county executives, the Commission may not make or authorize an expenditure of funds exceeding 110% of the available approved budget amounts for:</text> <level label="1"> <text>each park and recreation project and each administrative or operating department or function of the Commission, as set forth in each county’s legislation approving the budgets; and</text> </level> <level label="2"> <text>each planning project contained in the planning work program for each county.</text> </level> </level> <level label="b"> <text>Except for enterprise funds, the Commission may not exceed the total approved budgets for each of its funds, without the prior approval of either or both county councils, as applicable.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-112" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>The Commission shall prepare and submit a 6–year capital improvements program:</text> <level label="1"> <text>before November 1 of each odd–numbered calendar year to the County Executive and County Council of Montgomery County; and</text> </level> <level label="2"> <text>before January 15 of each calendar year to the County Executive and County Council of Prince George’s County.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-113" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>The capital improvements program shall:</text> <level label="1"> <text>include a statement of the objectives of the capital programs and the relationship of the programs to the county’s adopted long range development plans;</text> </level> <level label="2"> <text>recommend capital projects and a construction schedule;</text> </level> <level label="3"> <text>provide an estimate of cost and a statement of all funding sources; and</text> </level> <level label="4"> <text>include all programmed parkland acquisition, all major park improvement and development, and major acquisition of equipment.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-114" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>In Montgomery County, the County Executive shall submit recommendations with respect to the Commission’s proposed program, including any suggested amendments, revisions, or modifications, to the County Council as part of the comprehensive 6–year capital improvements program required by the county charter in each even–numbered calendar year.</text> </section> <section article="glu" article_name="Land Use" number="18-115" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>On or before adoption of its annual budget and appropriations resolution, each county governing body shall adopt the 6–year capital improvements program:</text> <level label="1"> <text>each even–numbered calendar year in Montgomery County; and</text> </level> <level label="2"> <text>each year in Prince George’s County.</text> </level> </level> <level label="b"> <level label="1"> <text>Each county governing body shall hold a public hearing before adopting the 6–year capital improvements program.</text> </level> <level label="2"> <text>The public hearing may be conducted in conjunction with public hearings on the 6–year programs or capital budgets of the county and other units.</text> </level> </level> <level label="c"> <level label="1"> <text>Each county governing body may amend, revise, or modify the 6–year capital improvements program.</text> </level> <level label="2"> <text>An amendment, revision, or modification made under this paragraph may not become final until at least 30 days after it is submitted to the Commission for written comment.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-116" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <text>In Montgomery County, the County Council may amend an approved 6–year capital improvements program at any time by an affirmative vote of eight of its members.</text> </section> <section article="glu" article_name="Land Use" number="18-117" title_number="18" title_name="Finances" subtitle_number="1" subtitle_name="Budget"> <level label="a"> <text>The Commission’s capital budget for each fiscal year may include only projects that fully conform with the part of the most recently adopted 6–year capital improvements program applicable to that year.</text> </level> <level label="b"> <level label="1"> <text>Unless the 6–year capital improvements program has been amended in accordance with paragraph (2) of this subsection, a capital project may not be undertaken, wholly or partly, that is not in conformity with the part of the program applicable to that year.</text> </level> <level label="2"> <text>The 6–year capital improvements program may be amended by the county governing body:</text> <level label="i"> <text>on its own initiative or at the request of the Commission; and</text> </level> <level label="ii"> <text>after a public hearing on reasonable notice to the public.</text> </level> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-201" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <text>In this subtitle, “bond” means a bond, note, or other evidence of indebtedness issued under this title.</text> </section> <section article="glu" article_name="Land Use" number="18-202" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <text>A requirement for signature under this subtitle may be satisfied by manual or facsimile signature. </text> </section> <section article="glu" article_name="Land Use" number="18-203" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <text>The Commission may issue and sell bonds in amounts necessary for the purposes under subsection (b) of this section and under regulations the Commission determines.</text> </level> <level label="b"> <text>The Commission may issue the bonds to pay for the acquisition of property in the metropolitan district for the purposes of § 17–101(b) of this article.</text> </level> <level label="c"> <text>The Commission may issue the bonds periodically in one or more series.</text> </level> <level label="d"> <level label="1"> <text>Subject to paragraph (2) of this subsection, the amount of bonds outstanding at any time may not exceed an amount that is redeemable within 30 years from the date of issue by the tax authorized and pledged to pay the bonds, to the extent that the tax is proposed to be imposed in Montgomery County or Prince George’s County or both.</text> </level> <level label="2"> <text>To determine the amount of bonds that may be outstanding under paragraph (1) of this subsection, the Commission may assume:</text> <level label="i"> <text>future imposition of the tax at the rate established by each county;</text> </level> <level label="ii"> <text>100% collection of the tax in each fiscal year; and</text> </level> <level label="iii"> <text>the assessed value of property at the time the bonds are issued will remain constant.</text> </level> </level> </level> <level label="e"> <text>The bonds shall:</text> <level label="1"> <text>be registered or coupon bonds in denominations determined by the Commission;</text> </level> <level label="2"> <text>bear interest:</text> <level label="i"> <text>annually at a rate the Commission determines to be advantageous and otherwise in the public interest; and</text> </level> <level label="ii"> <text>payable semiannually or at a time determined by the Commission;</text> </level> </level> <level label="3"> <text>mature within 50 years from the date of issue; and</text> </level> <level label="4"> <text>be issued under the hand and seal of the Commission, by manual or facsimile signature.</text> </level> </level> <level label="f"> <text>Notwithstanding any other law, the Commission may sell the bonds by competitive or negotiated sale in a manner, for a price, and at rates the Commission determines to be in its best interests.</text> </level> <level label="g"> <level label="1"> <text>In the issue of bonds, the Commission may provide for the redemption of some or all of the bonds before their stated maturity.</text> </level> <level label="2"> <text>The redemption price of the bonds may be greater than the par value of the bonds.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-204" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <text>The bonds shall be issued on the full faith and credit of the Commission and the county guaranteeing the bonds.</text> </level> <level label="b"> <level label="1"> <text>If the Commission decides to spend the proceeds of a bond issue throughout the metropolitan district, Montgomery County and Prince George’s County shall guarantee the payment of principal of and interest on the bonds.</text> </level> <level label="2"> <text>The following guarantee shall be stated on each bond:</text> <text>“The payment of interest when due and of the principal on maturity is guaranteed by Montgomery and Prince George’s counties, Maryland.”.</text> </level> <level label="3"> <text>The county executives of Montgomery County and Prince George’s County shall sign the endorsement by manual or facsimile signature on each bond.</text> </level> <level label="4"> <text>If there is any liability under the guarantee, each county’s liability shall be in the proportion the assessable basis for that part of the county in the metropolitan district bears to the assessable basis of the whole district.</text> </level> </level> <level label="c"> <level label="1"> <text>If the proceeds of a bond issue are to be expended only in or for the benefit of a portion of the metropolitan district that is in Montgomery County, Montgomery County shall guarantee the payment of principal of and interest on the bonds.</text> </level> <level label="2"> <text>The following guaranty shall be stated on each bond:</text> <text>“The payment of interest when due and of the principal on maturity is guaranteed by Montgomery County, Maryland.”.</text> </level> <level label="3"> <text>The County Executive of Montgomery County shall sign the endorsement by manual or facsimile signature on each bond.</text> </level> </level> <level label="d"> <level label="1"> <text>If the proceeds of a bond issue are to be expended only in or for the benefit of a portion of the metropolitan district that is in Prince George’s County, Prince George’s County shall guarantee the payment of principal of and interest on the bonds.</text> </level> <level label="2"> <text>The following guaranty shall be endorsed on each bond:</text> <text>“The payment of interest when due and of the principal on maturity is guaranteed by Prince George’s County, Maryland.”.</text> </level> <level label="3"> <text>The County Executive of Prince George’s County shall sign the endorsement by manual or facsimile signature on each bond.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-205" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <text>Subject to subsections (b) and (c) of this section, if the proceeds of a bond issue are to be expended throughout the metropolitan district, the proceeds shall be expended in the portion of each county in the metropolitan district in the proportion that the assessable base of that portion of either county bears to the assessable base of the entire metropolitan district.</text> </level> <level label="b"> <text>The Commission may issue bonds to carry out the Commission’s corporate purposes in the metropolitan district in either county.</text> </level> <level label="c"> <level label="1"> <text>The proceeds of the sale of bonds to be expended in or for the benefit of the portion of the metropolitan district in Montgomery County shall be expended only on the recommendation of the commissioners from Montgomery County.</text> </level> <level label="2"> <text>The proceeds of the sale of bonds to be expended in or for the benefit of the portion of the metropolitan district in Prince George’s County shall be expended only on the recommendation of the commissioners from Prince George’s County.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-206" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <level label="1"> <text>To accomplish the purposes under § 18–203(b) of this subtitle, the Commission may issue bonds to finance the cost of revenue–producing facilities in Montgomery County or Prince George’s County, including:</text> <level label="i"> <text>the cost of acquiring or constructing a facility;</text> </level> <level label="ii"> <text>the cost of enlarging, improving, remodeling, or restoring an acquired facility;</text> </level> <level label="iii"> <text>the cost of surveys, studies, drawings, and architectural and engineering plans and specifications;</text> </level> <level label="iv"> <text>the cost of site assembly, including legal proceedings, title fees, and settlement charges;</text> </level> <level label="v"> <text>the cost of issuance of bonds under this section, including advertising and printing charges and legal fees;</text> </level> <level label="vi"> <text>the cost of interest on the bonds during construction of a facility and for 1 year after completion of the facility; and</text> </level> <level label="vii"> <text>the cost to the Commission of performance of any of the functions under this paragraph by Commission staff.</text> </level> </level> <level label="2"> <text>The Commission may be reimbursed for performance of any of the functions under paragraph (1) of this subsection from the proceeds of the bonds issued to finance the facility with respect to which the services were performed.</text> </level> <level label="3"> <text>The bonds are payable as to principal and interest solely from revenues of the Commission from fees, rates, rents, or other charges received by the Commission for:</text> <level label="i"> <text>the use of the facility; or</text> </level> <level label="ii"> <text>the use of a facility that is not financed by the borrowing.</text> </level> </level> <level label="4"> <text>The Commission may secure any borrowing by a pledge of the revenues.</text> </level> </level> <level label="b"> <level label="1"> <text>The Commission may set and periodically amend fees, rates, rentals, or other charges for the use of the Commission’s facilities in Montgomery County or Prince George’s County:</text> <level label="i"> <text>to provide revenue to pay debt service:</text> <level label="1"> <text>on bonds issued under this section to finance the cost of a facility either separately or together with other revenue–producing facilities of the Commission in either county; or</text> </level> <level label="2"> <text>on bonds issued to finance the cost of other revenue–producing facilities of the Commission in either county; and</text> </level> </level> <level label="ii"> <text>to pay the expenses of the Commission for the facility, including operating and maintenance expenses, unless the Commission authorizes the use of funds from another source for payment of other expenses.</text> </level> </level> <level label="2"> <text>To sell and secure the bonds of the Commission authorized under this section, the Commission may enter into agreements to set the fees, rates, rentals, or other charges and the collection and application of the fees, rates, rentals, or other charges.</text> </level> </level> <level label="c"> <level label="1"> <text>The Commission may determine the form, terms and conditions, issuance, and sale and delivery of an obligation issued under this section, including:</text> <level label="i"> <text>the interest rate or method of determining the interest rate of the obligation;</text> </level> <level label="ii"> <text>the maturity date of the obligation and any provisions for redemption prior to maturity;</text> </level> <level label="iii"> <text>the price at which the obligation is to be sold, which may be above or below par value; and</text> </level> <level label="iv"> <text>the security for the obligation.</text> </level> </level> <level label="2"> <text>The Commission may sell the bonds by competitive or negotiated sale in a manner, for a price, and at rates the Commission determines to be in its best interests.</text> </level> <level label="3"> <text>Notwithstanding any other law or any recitals in any instruments creating the obligation, the obligations are negotiable instruments.</text> </level> <level label="4"> <text>The chair of the Commission shall execute the obligation on behalf of the Commission by manual or facsimile signature.</text> </level> <level label="5"> <text>The secretary–treasurer of the Commission shall attest to the execution of the obligation by manual or facsimile signature.</text> </level> <level label="6"> <text>The seal of the Commission shall be impressed or imprinted on the obligation.</text> </level> <level label="7"> <text>An officer’s signature or facsimile signature on an obligation remains valid even if the officer leaves office before the obligation is delivered.</text> </level> </level> <level label="d"> <level label="1"> <text>The Commission may enter into a trust agreement with, and designate as trustee under the trust agreement, a bank with trust powers, or a trust company, located in or outside the State to secure payment of the principal of and interest on an obligation issued under this section.</text> </level> <level label="2"> <text>The trust agreement may provide for:</text> <level label="i"> <text>the deposit of the proceeds of the sale of the obligations secured by the trust agreement with the trustee; and</text> </level> <level label="ii"> <text>the application of the proceeds to pay the cost of the facility financed by the obligations.</text> </level> </level> <level label="3"> <text>The Commission may enter into covenants and agreements in the trust agreement for:</text> <level label="i"> <text>the setting of fees, charges, and rentals for the use and enjoyment of the facility;</text> </level> <level label="ii"> <text>the payment of gross or net revenues from the facility and other funds pledged under this section to the trustee;</text> </level> <level label="iii"> <text>the application of the payments by the trustee to the payment of the principal of and interest on the obligations secured by the trust agreement; and</text> </level> <level label="iv"> <text>the establishment and maintenance of reserves or a sinking fund.</text> </level> </level> <level label="4"> <text>The trust agreement may contain a pledge of and constitute a lien on:</text> <level label="i"> <text>the revenues and funds pledged by the Commission for the payment of obligations issued under this section; and</text> </level> <level label="ii"> <text>the proceeds of sale of the obligations, the investment of the proceeds, and the income or gain resulting from the investment of the proceeds.</text> </level> </level> <level label="5"> <text>The trust agreement may create a security interest for the benefit of the holders of the obligations in the facility that is financed with the proceeds of the obligations, but not in any other facility the revenues from which are pledged by the Commission to the payment of debt service on the obligations.</text> </level> <level label="6"> <text>The trust agreement may provide for the protection of the holders of the obligations if the Commission fails to perform any of the covenants under the agreement, including the right of the trustee to sell any of the facilities at public or private sale and the application of the proceeds of the sale to the payment of the obligations secured by the agreement.</text> </level> </level> <level label="e"> <level label="1"> <text>The Commission may apply general funds not otherwise committed to the payment of the principal of and interest on bonds issued under this section, either on maturity or redemption.</text> </level> <level label="2"> <text>The Commission may retire an entire issue of the bonds issued under this subsection from the proceeds of general obligation refunding bonds issued under § 18–207 of this subtitle.</text> </level> <level label="3"> <text>The Commission may:</text> <level label="i"> <text>continue to charge for the use or enjoyment of a facility on the retirement of an issue of bonds from:</text> <level label="1"> <text>the revenues of the facility financed by the bonds;</text> </level> <level label="2"> <text>other funds of the Commission; or</text> </level> <level label="3"> <text>refunding as authorized under § 18–207 of this subtitle; and</text> </level> </level> <level label="ii"> <text>apply the revenues from the charge to any other function, objective, or purpose of the Commission.</text> </level> </level> </level> <level label="f"> <level label="1"> <text>The Commission may adopt rules and regulations for the use and enjoyment by the general public of a facility financed under this subsection.</text> </level> <level label="2"> <text>The rules and regulations may not exclude a person that pays the required charge or fee for use and enjoyment of the facility because of creed, race, or gender of the person.</text> </level> <level label="3"> <text>A lease of a facility by the Commission shall contain enforceable covenants by the lessee to comply with this section.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-207" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <text>If any bonds are issued under this title subject to redemption or repurchase, the Commission may:</text> <level label="1"> <text>redeem or repurchase the bonds at the stated redemption prices plus accrued interest; and</text> </level> <level label="2"> <text>issue and sell refunding bonds as provided under this section to provide funds for the redemption or repurchase.</text> </level> </level> <level label="b"> <level label="1"> <text>The refunding bonds may be:</text> <level label="i"> <text>issued in amounts sufficient to accomplish the redemption or repurchase and in units corresponding to the bonds to be repurchased or refunded; or</text> </level> <level label="ii"> <text>issued in an amount sufficient to provide for the refunding or repurchase of several issues of bonds.</text> </level> </level> <level label="2"> <text>Bonds initially issued on account of lands purchased in Montgomery County or Prince George’s County may not be refunded or repurchased through the flotation of a single issue of refunding bonds.</text> </level> </level> <level label="c"> <level label="1"> <text>The refunding bonds may be identified as refunding bonds or designated in any other appropriate fashion.</text> </level> <level label="2"> <text>The Commission may determine:</text> <level label="i"> <text>the terms and conditions of the bonds; and</text> </level> <level label="ii"> <text>the manner, method, and place of sale of the bonds.</text> </level> </level> <level label="3"> <text>The maturity date of an issue of bonds may not exceed 60 years from the earliest of the respective dates of issue of the corresponding series of bonds or notes in substitution for which any issue of bonds is issued.</text> </level> </level> <level label="d"> <text>The Commission may:</text> <level label="1"> <text>sell the bonds, at not less than par value, by competitive or negotiated sale in a manner, for a price, and at rates the Commission determines to be in its best interests;</text> </level> <level label="2"> <text>issue the bonds in serial maturity form or with a single fixed date of maturity;</text> </level> <level label="3"> <text>make the bonds redeemable wholly or partly by lot or otherwise after a certain period or date;</text> </level> <level label="4"> <text>issue the bonds subject to registration as to principal and interest or as to principal only;</text> </level> <level label="5"> <text>establish and maintain a sinking fund for the payment of the maturing principal and interest of the bonds;</text> </level> <level label="6"> <text>set the interest rate payable on the bonds at the rate the Commission determines to be advantageous and in the public interest or otherwise establish the manner of determining the interest rate; and</text> </level> <level label="7"> <text>generally determine all of the provisions of the bonds.</text> </level> </level> <level label="e"> <level label="1"> <text>Montgomery County and Prince George’s County shall guarantee the payment of principal of and interest on the bonds issued under this subsection by endorsement as provided under § 18–204 of this subtitle.</text> </level> <level label="2"> <text>The bonds shall be issued on the full faith and credit of the county guaranteeing them.</text> </level> <level label="3"> <text>The principal of and interest on the bonds shall be paid from the proceeds of the collection of the taxes authorized to provide funds for servicing the bonds in substitution for which the bonds are issued.</text> </level> <level label="4"> <text>The funds needed for principal and interest payments of the bonds authorized may not be preferred in the division of tax proceeds over the funds needed for principal and interest payment or any other issue of bonds payable.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-208" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The tax anticipation notes shall:</text> <level label="i"> <text>bear interest at an annual rate that the Commission determines to be advantageous and in the public interest; and</text> </level> <level label="ii"> <text>be signed by the chair and secretary–treasurer of the Commission by manual or facsimile signature.</text> </level> </level> <level label="3"> <text>The tax anticipation notes may be issued to any bank, institution, or person willing to lend the money.</text> </level> </level> <level label="b"> <text>The Commission may reissue or renew its tax anticipation notes at an interest rate that the Commission determines to be advantageous.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-209" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <level label="a"> <text>The revenues derived from the collection of the taxes authorized under this title shall pay the principal of and interest on bonds issued under this title.</text> </level> <level label="b"> <level label="1"> <text>If the revenues from the taxes are inadequate to pay the principal of and interest on the bonds, the county guaranteeing the bonds shall impose, in each year the taxes are inadequate, an additional tax on all assessable property in the portion of the metropolitan district in that county sufficient to make up the deficiency.</text> </level> <level label="2"> <text>If the revenues from the additional tax under paragraph (1) of this subsection are inadequate, the county shall impose a tax on all assessable property in the corporate limits of the county sufficient to pay the deficiency in the revenues available to pay the principal of and interest on the bonds.</text> </level> </level> <level label="c"> <text>This division may not be construed to modify the limitations on the powers of the Commission to issue bonds under §§ 18–203 through 18–207 of this subtitle or in any other law.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-210" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <text>The principal amount of bonds issued under this title, the interest on the bonds, transfer of the bonds, and any income derived from the bonds, including any profit from the sale or transfer of the bonds, are exempt from State and local taxes.</text> </section> <section article="glu" article_name="Land Use" number="18-211" title_number="18" title_name="Finances" subtitle_number="2" subtitle_name="Debt and Securities"> <text>The sale of the bonds under this title is exempt from §§ 19–205 and 19–206 of the Local Government Article.</text> </section> <section article="glu" article_name="Land Use" number="18-301" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <text>Any provision of this subtitle or this division that provides that a tax imposed for the Commission shall be imposed and collected as county taxes are imposed and collected, have the same priority rights, bear the same interest and penalties, and in any other respect be treated the same as a county tax: </text> <level label="1"> <text>applies only to the authority to enforce and collect the tax imposed for the Commission; and</text> </level> <level label="2"> <text>may not be deemed or construed to mean that the tax imposed for the Commission is a county property tax under the Tax – Property Article.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-302" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <text>The taxes imposed under this subtitle shall be imposed on property assessed for the purpose of county taxation.</text> </section> <section article="glu" article_name="Land Use" number="18-303" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <text>Notwithstanding any provision of charter or law, the taxes authorized under this subtitle are not subject to any limitation on the tax rate or tax revenues of Prince George’s County.</text> </section> <section article="glu" article_name="Land Use" number="18-304" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <level label="a"> <level label="1"> <text>The tax required under this subsection:</text> <level label="i"> <text>applies to property in the metropolitan district in Montgomery County; and</text> </level> <level label="ii"> <text>shall be imposed whether any bonds have been issued under this title or whether interest is due on any bonds issued under this title.</text> </level> </level> <level label="2"> <text>Each year, Montgomery County shall impose on each $100 of assessed valuation of:</text> <level label="i"> <text>real property, a tax of 3.6 cents; and</text> </level> <level label="ii"> <text>personal property and operating real property described in § 8–109(c) of the Tax – Property Article, a tax of 9 cents.</text> </level> </level> <level label="3"> <text>Every 60 days the county shall pay to the Commission the tax collected under this subsection.</text> </level> <level label="4"> <text>The Commission may use the revenues from the tax imposed under this subsection, after providing for debt service on bonds issued under Subtitle 2 of this title, to:</text> <level label="i"> <text>police the parks or other areas under its jurisdiction;</text> </level> <level label="ii"> <text>acquire, develop, beautify, or maintain parks or other areas; or</text> </level> <level label="iii"> <text>establish playground and recreational facilities in the parks or other areas.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>It is the intent of this subsection to provide the Commission with funds to:</text> <level label="i"> <text>finance the acquisition of parklands in the metropolitan district in Prince George’s County from current revenues or by the issue of bonds; and</text> </level> <level label="ii"> <text>maintain, operate, and develop acquired parklands.</text> </level> </level> <level label="2"> <text>The tax required under this subsection:</text> <level label="i"> <text>applies to property in the metropolitan district in Prince George’s County; and</text> </level> <level label="ii"> <text>shall be imposed whether any bonds have been issued under this title or whether interest is due on any bonds issued under this title.</text> </level> </level> <level label="3"> <text>Each fiscal year, Prince George’s County shall impose on each $100 of assessed valuation of:</text> <level label="i"> <text>real property, a tax of at least 4 cents; and</text> </level> <level label="ii"> <text>personal property and operating real property described in § 8–109(c) of the Tax – Property Article, a tax of at least 10 cents.</text> </level> </level> <level label="4"> <text>Every 60 days the county shall pay to the Commission the tax collected under this subsection.</text> </level> <level label="5"> <text>The Commission shall use the revenues from the tax imposed under this subsection primarily to pay the principal of and interest on any bonds issued by the Commission for the acquisition of parklands in the metropolitan district in Prince George’s County as authorized under this title.</text> </level> <level label="6"> <text>The county shall pay to the Commission the tax collected under this subsection whether any principal or interest is due on any bonds issued for the acquisition of parklands or whether any bonds for that purpose have been issued or are outstanding in the fiscal year in which the tax is collected.</text> </level> </level> <level label="c"> <level label="1"> <text>The tax authorized under this subsection applies to property in the metropolitan district in Montgomery County and Prince George’s County.</text> </level> <level label="2"> <text>Each year the County Council of Montgomery County and the County Council of Prince George’s County may impose an ad valorem tax in addition to all other taxes imposed for the benefit of and on behalf of the Commission.</text> </level> <level label="3"> <text>Each county may pay to the Commission the aggregate amount collected under this subsection in the same manner as the county pays other taxes under this subtitle.</text> </level> <level label="4"> <text>The Commission shall use the proceeds of the tax under this subsection to:</text> <level label="i"> <text>acquire, maintain, develop, and operate the park systems in the counties; and</text> </level> <level label="ii"> <text>pay the debt service required by its outstanding bonds or bonds issued in the future.</text> </level> </level> <level label="5"> <text>The Commission shall expend or disburse that proportion of tax collected from Montgomery County in Montgomery County and that proportion collected from Prince George’s County in Prince George’s County.</text> </level> </level> <level label="d"> <level label="1"> <text>The tax authorized under this subsection:</text> <level label="i"> <text>applies to property in the metropolitan district in Montgomery County; and</text> </level> <level label="ii"> <text>shall be in lieu of, and in complete satisfaction of, any obligations of Montgomery County to pay for maintenance of the Commission’s park system in accordance with Chapter 761, § 8 of the Acts of 1953 and all agreements executed under the terms of that law.</text> </level> </level> <level label="2"> <text>Each year, in addition to the tax imposed under subsection (a) of this section, Montgomery County shall impose on each $100 of assessed valuation of:</text> <level label="i"> <text>real property, a tax of 0.8 cents; and</text> </level> <level label="ii"> <text>personal property and operating real property described in § 8–109(c) of the Tax – Property Article, a tax of 2 cents.</text> </level> </level> </level> <level label="e"> <text>A tax authorized under this section shall:</text> <level label="1"> <text>be imposed and collected as county taxes are imposed and collected;</text> </level> <level label="2"> <text>have the same priority rights as county taxes;</text> </level> <level label="3"> <text>bear the same interest and penalties as county taxes; and</text> </level> <level label="4"> <text>be treated the same as county taxes in every other respect.</text> </level> </level> <level label="f"> <level label="1"> <level label="i"> <text>At least 30 days before the end of the fiscal year, the Commission shall certify and submit to the appropriate fiscal officers of the counties the net unexpended balances from money received by the Commission from taxes imposed under this section.</text> </level> <level label="ii"> <text>In Montgomery County, the Commission also shall furnish at the time requested by the County Council an estimate of unexpended balances as of the end of the fiscal year as information for the county’s tax resolution.</text> </level> </level> <level label="2"> <text>To calculate the net unexpended balance for each county, the Commission shall deduct, from its actual unexpended cash receipts from taxes collected under this section, an amount equal to the sum of:</text> <level label="i"> <text>the debt service for the next succeeding fiscal year on bonds issued by it and outstanding with respect to property acquired by it in the county;</text> </level> <level label="ii"> <text>the Commission’s fixed obligations under contracts the first 6 months of the fiscal year;</text> </level> <level label="iii"> <text>the amounts credited to the Commission’s self–insurance fund;</text> </level> <level label="iv"> <text>$200,000 with respect to Montgomery County; and</text> </level> <level label="v"> <text>$150,000 with respect to Prince George’s County.</text> </level> </level> <level label="3"> <level label="i"> <text>Subject to paragraph (4) of this subsection, when the county receives the certification from the Commission of its net unexpended balance with respect to that county as calculated under paragraph (2) of this subsection, the county may:</text> <level label="1"> <text>deduct the net unexpended balance from its estimate of the amount of money to be raised in the next succeeding fiscal year by taxes collected under this section; and</text> </level> <level label="2"> <text>impose the tax for the next succeeding fiscal year at a rate that the county estimates will produce the amount calculated under item 1 of this subparagraph.</text> </level> </level> <level label="ii"> <text>The amount calculated under subparagraph (i)1 of this paragraph shall be the amount the county is obligated to pay the Commission in that fiscal year under this section.</text> </level> </level> <level label="4"> <text>The tax rate may not be reduced under this subsection to a rate insufficient to pay debt service on bonds issued by the Commission and guaranteed by the county.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-305" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <level label="a"> <text>Whenever bonds that the Commission issues under Subtitle 2 of this title for acquisition of property in Montgomery County are sold, the Commission shall promptly certify to the county the amount of bonds issued, the rate of interest, and the maturities.</text> </level> <level label="b"> <text>The revenue from the tax under this section shall be the primary source of revenue for the payment of the principal of and interest on the bonds.</text> </level> <level label="c"> <text>While any bond is outstanding and unpaid, the county shall impose on all property in the county in the metropolitan district an annual tax in an amount sufficient to pay the principal of and interest on the bonds.</text> </level> <level label="d"> <text>The tax shall:</text> <level label="1"> <text>be imposed and collected as county taxes are imposed and collected;</text> </level> <level label="2"> <text>have the same priority rights as county taxes;</text> </level> <level label="3"> <text>bear the same interest and penalties as county taxes; and</text> </level> <level label="4"> <text>be treated the same as county taxes in every other respect.</text> </level> </level> <level label="e"> <text>Montgomery County shall:</text> <level label="1"> <text>collect the tax; and</text> </level> <level label="2"> <text>remit to the Commission the tax collected every 60 days.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-306" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <level label="a"> <text>The tax required under this section applies to property in Prince George’s County.</text> </level> <level label="b"> <text>Each fiscal year, Prince George’s County shall impose on each $100 of assessed valuation of:</text> <level label="1"> <text>real property, a tax for recreation of at least 2 cents; and</text> </level> <level label="2"> <text>personal property and operating real property described in § 8–109(c) of the Tax – Property Article, a tax for recreation of at least 5 cents.</text> </level> </level> <level label="c"> <text>Every 60 days the county shall pay to the Commission the tax collected under this section.</text> </level> <level label="d"> <text>The Commission shall use the revenues from the tax imposed under this section to finance its adopted budget to regulate, operate, and maintain recreation functions, programs, facilities, and personnel in Prince George’s County as the Commission determines.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-307" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <level label="a"> <text>The tax required under this section applies to property in the regional district in Montgomery County and Prince George’s County.</text> </level> <level label="b"> <text>The purpose of the tax required under this section is for paying the current operating or administrative expenses of the Commission, including the cost of:</text> <level label="1"> <text>the development of any part of the plan of the regional district; and</text> </level> <level label="2"> <text>the exercise of the powers and duties of the Commission.</text> </level> </level> <level label="c"> <text>Each year, each county shall impose on each $100 of assessed valuation of:</text> <level label="1"> <text>real property, a tax of 1.2 cents; and</text> </level> <level label="2"> <text>personal property and operating real property described in § 8–109(c) of the Tax – Property Article, a tax of 3 cents.</text> </level> </level> <level label="d"> <level label="1"> <text>There is an administrative fund of the Commission.</text> </level> <level label="2"> <text>The administrative fund consists of:</text> <level label="i"> <text>the revenues from the tax imposed under this section that are paid to the Commission; and</text> </level> <level label="ii"> <text>additional money appropriated or contributed to the Commission for operating or administrative purposes by the two counties, the General Assembly of Maryland, the United States, or private donors.</text> </level> </level> <level label="3"> <text>Operating and administrative expenses of the Commission shall be limited to the money in the administrative fund.</text> </level> </level> <level label="e"> <text>A tax required under this section shall:</text> <level label="1"> <text>be imposed and collected as county taxes are imposed and collected;</text> </level> <level label="2"> <text>have the same priority rights as county taxes;</text> </level> <level label="3"> <text>bear the same interest and penalties as county taxes; and</text> </level> <level label="4"> <text>be treated the same as county taxes in every other respect.</text> </level> </level> <level label="f"> <level label="1"> <text>At least 30 days before the end of the fiscal year, the Commission shall certify and submit to the appropriate fiscal officers of the counties the unexpended balances from money received by the Commission from the tax imposed under this section.</text> </level> <level label="2"> <level label="i"> <text>If the unexpended balance with respect to either county exceeds the sum of $100,000, that county may:</text> <level label="1"> <text>deduct the excess from its estimate of the amount of money to be raised in the next succeeding fiscal year by the imposition of the tax imposed under this section; and</text> </level> <level label="2"> <text>impose the tax for the next succeeding fiscal year at a rate that the county estimates will produce the amount calculated under item 1 of this subparagraph.</text> </level> </level> <level label="ii"> <text>The amount calculated under subparagraph (i)1 of this paragraph shall be the amount the county is obligated to pay the Commission for administration in that fiscal year under this section.</text> </level> </level> <level label="3"> <text>On or before the 30th day of the month immediately before the beginning of the fiscal year, the Montgomery County Council and the Prince George’s County Council shall set the rate of the tax as authorized under this section.</text> </level> <level label="4"> <text>On or before the 5th day of the month immediately before the beginning of the fiscal year, the Commission shall submit to each county council:</text> <level label="i"> <text>its complete budget estimates for the next fiscal year; and</text> </level> <level label="ii"> <text>statements that justify the administrative budget and administrative tax rate requested by the Commission.</text> </level> </level> <level label="5"> <text>The Commission may use any Commission money in excess of the amount necessary for operating and administrative purposes or not specifically pledged by law in the respective counties of the regional district, in the same proportion as they were collected from these counties, to acquire, develop, maintain, and operate parks in the counties.</text> </level> <level label="6"> <text>The Commission may use any funds not collected in the counties for the best interests of the regional district.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-308" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <level label="a"> <level label="1"> <text>The Montgomery County Council shall impose against all of the property assessed for the purposes of county taxation an annual tax of:</text> <level label="i"> <text>not less than 0.4 cents or more than 1.2 cents on each $100 of assessed valuation of real property; and</text> </level> <level label="ii"> <text>not less than 1 cent or more than 3 cents on each $100 of assessed valuation of personal property and operating real property described in § 8–109(c) of the Tax – Property Article.</text> </level> </level> <level label="2"> <text>The County Council shall impose the tax even if no interest is due on the bonds or notes or no bonds or notes have been issued under Subtitle 2 of this title.</text> </level> <level label="3"> <text>Subject to the limits in paragraph (1) of this subsection, if a tax is imposed under this section, the County Council shall continue to impose a tax sufficient to pay the interest on the bonds as the interest comes due and to pay the principal of the bonds as they mature.</text> </level> <level label="4"> <text>The County Council does not need to impose the tax required under this section if money is available to make the payments in any year and have been applied to or authorized for payment by the Commission.</text> </level> <level label="5"> <text>Every 60 days, the county shall remit the tax collected under this section to the Commission.</text> </level> <level label="6"> <text>The Commission may use any proceeds from the tax that are not used for debt service on the principal and interest of the bonds for:</text> <level label="i"> <text>the Advance Land Acquisition Revolving Funds under Subtitle 4 of this title for the uses specified in this section and Subtitle 4 of this title; or</text> </level> <level label="ii"> <text>payment of debt service bonds issued under this section.</text> </level> </level> </level> <level label="b"> <text>If the Prince George’s County Council has approved the issue and sale of bonds under Subtitle 2 of this title, the County Council shall impose an annual amount on all property assessed for the purposes of county taxation that is sufficient to pay the interest on the bonds as they become due and to pay the principal of the bonds as they mature.</text> </level> <level label="c"> <text>Subject to § 18–303 of this subtitle, a tax authorized under this section shall:</text> <level label="1"> <text>be imposed and collected as county taxes are imposed and collected;</text> </level> <level label="2"> <text>have the same priority rights as county taxes;</text> </level> <level label="3"> <text>bear the same interest as county taxes; and</text> </level> <level label="4"> <text>be treated the same as county taxes in every other respect.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-309" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <level label="a"> <level label="1"> <text>Subject to subsection (b) of this section, the Commission may enter into an agreement with the owner of a facility for the generation of electricity that locates in Prince George’s County for a negotiated payment by the owner in lieu of taxes imposed on real or personal property of the facility under this subtitle.</text> </level> <level label="2"> <text>An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement:</text> <level label="i"> <text>the owner shall pay a specified amount each year in lieu of the payment of taxes imposed on real or personal property under this subtitle; and</text> </level> <level label="ii"> <text>all or a specified part of the real or personal property at the facility shall be exempt from taxes imposed on real or personal property under this subtitle for the term of the agreement.</text> </level> </level> <level label="3"> <text>An agreement for a negotiated payment in lieu of taxes under this section shall:</text> <level label="i"> <text>be recorded in the land records of Prince George’s County; and</text> </level> <level label="ii"> <text>require that the obligation of the owner of a facility for the generation of electricity to make, in a timely manner, a payment in lieu of taxes:</text> <level label="1"> <text>be guaranteed by appropriate entities affiliated with the owner of the facility;</text> </level> <level label="2"> <text>be a covenant running with the land;</text> </level> <level label="3"> <text>create a lien attached to the property and fixtures of the facility that is enforceable in accordance with the Maryland Contract Lien Act; and</text> </level> <level label="4"> <text>be secured by a security interest in all or a specified part of the personal property of the owner of the facility that is perfected and enforceable in accordance with Title 9 of the Maryland Uniform Commercial Code.</text> </level> </level> </level> </level> <level label="b"> <text>Before entering into or amending an agreement for a negotiated payment in lieu of taxes under this section, the Commission shall obtain:</text> <level label="1"> <text>certificates endorsed by the Secretary–Treasurer of the Commission and the Director of Finance of Prince George’s County affirming that the terms of the agreement are reasonably expected to generate more revenue for the Commission than would be generated if the facility for the generation of electricity did not locate in Prince George’s County; and</text> </level> <level label="2"> <text>the affirmative approval of the terms of the agreement by the County Executive, County Council, and Planning Board of Prince George’s County, as evidenced by:</text> <level label="i"> <text>an executive order of the County Executive;</text> </level> <level label="ii"> <text>a resolution of the County Council; and</text> </level> <level label="iii"> <text>a resolution of the Planning Board.</text> </level> </level> </level> <level label="c"> <text>Except as otherwise provided in an agreement under this section, a payment in lieu of taxes that the Commission receives shall be distributed to the funds of the Commission in the same proportion that the taxes imposed on real or personal property under this subtitle are distributed during the fiscal year when the payment is received.</text> </level> <level label="d"> <text>As specified in an agreement for a negotiated payment in lieu of taxes under this section, for the term specified in the agreement, the real or personal property at a facility for the generation of electricity that locates in Prince George’s County is exempt from the taxes imposed on real or personal property under this subtitle.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-310" title_number="18" title_name="Finances" subtitle_number="3" subtitle_name="Taxes"> <text>The Commission may not enter into an agreement with Prince George’s County to pay and pledge as security all or a portion of the property taxes levied by the county under §§ 18–304, 18–306, and 18–307 of this subtitle on the tax increment in an extraordinary development district in the county to the county for deposit into a special fund for an extraordinary development district under § 12–210 of the Economic Development Article until:</text> <level label="1"> <text>the governing body of Prince George’s County has adopted a resolution designating the extraordinary development district; and</text> </level> <level label="2"> <text>the Commission has adopted a resolution approving the agreement.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-401" title_number="18" title_name="Finances" subtitle_number="4" subtitle_name="Land Acquisition Funding"> <level label="a"> <text>In this section, “Fund” means an Advance Land Acquisition Fund.</text> </level> <level label="b"> <text>There is an Advance Land Acquisition Fund in each county.</text> </level> <level label="c"> <text>The purpose of each Fund is to purchase land and related facilities consistent with the purposes of this section and §§ 18–402 and 18–403 of this subtitle.</text> </level> <level label="d"> <text>The Commission shall administer each Fund.</text> </level> <level label="e"> <text>Each Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article or provisions of this division relating to unexpended balances.</text> </level> <level label="f"> <text>Each Fund consists of:</text> <level label="1"> <text>money allocated to the Fund for the respective county in the annual budgets of the Commission under Subtitle 1 of this title;</text> </level> <level label="2"> <text>proceeds of bonds issued under this section and allocated to the Fund;</text> </level> <level label="3"> <text>investment earnings of the Fund; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="g"> <text>Any investment earnings of a Fund shall be paid into the Fund.</text> </level> <level label="h"> <text>Expenditures from a Fund may be made only in accordance with this section and §§ 18–402 and 18–403 of this subtitle.</text> </level> <level label="i"> <level label="1"> <text>At any time after acquiring land, on repayment to the Commission of the amount disbursed by the Commission for the land plus interest, the Commission may transfer the land to:</text> <level label="i"> <text>a construction agency of the State;</text> </level> <level label="ii"> <text>Montgomery County;</text> </level> <level label="iii"> <text>Prince George’s County;</text> </level> <level label="iv"> <text>the redevelopment authority of Prince George’s County;</text> </level> <level label="v"> <text>the revenue authority of Prince George’s County; or</text> </level> <level label="vi"> <text>a municipal corporation or governed special taxing district in Montgomery County or Prince George’s County.</text> </level> </level> <level label="2"> <text>The Commission shall place any amount received in repayment for land in the Fund.</text> </level> <level label="3"> <level label="i"> <text>If the State construction agency for Montgomery County or a municipal corporation or governed district in Montgomery County determines that acquired land is not required for a public use specified on the county’s plan required under § 18–402(b) of this subtitle, the Commission may use the land as a part of its park system.</text> </level> <level label="ii"> <text>A use of land by the Commission for park or recreation purposes under subparagraph (i) of this paragraph is not a dedication for these purposes.</text> </level> <level label="iii"> <text>If the Commission at any time determines that the land is not needed for park purposes, the Commission may dispose of the land in the manner provided for elsewhere in this division.</text> </level> </level> <level label="4"> <level label="i"> <text>If the State construction agency for Prince George’s County or a municipal corporation or governed district in Prince George’s County, the redevelopment authority for Prince George’s County, or the revenue authority of Prince George’s County determines that acquired land is not required for public use, the Commission may use the land as a part of its park system, subject to the approval of the Prince George’s County Council.</text> </level> <level label="ii"> <text>A use of land by the Commission for park or recreation purposes under subparagraph (i) of this paragraph is not a dedication for these purposes.</text> </level> <level label="iii"> <text>If the Commission at any time determines that the land is not needed for park purposes, the Commission may dispose of the land in the manner provided for elsewhere in this division.</text> </level> </level> </level> <level label="j"> <level label="1"> <level label="i"> <text>The Commission may issue and sell bonds in amounts it considers necessary for the purposes of the Funds.</text> </level> <level label="ii"> <text>In Prince George’s County, the Commission’s issuance and sale of bonds concerning the county is subject to approval by the County Council.</text> </level> </level> <level label="2"> <level label="i"> <text>Subject to subparagraph (ii) of this paragraph, the amount of the bonds outstanding at any time may not exceed an amount that is redeemable within 30 years from the date of issue by a tax of 1.2 cents on each $100 assessed valuation of real property in Montgomery County and Prince George’s County and 3 cents on each $100 assessed valuation of personal property and operating real property described in § 8–109(c) of the Tax – Property Article.</text> </level> <level label="ii"> <text>To determine the amount of bonds outstanding under subparagraph (i) of this paragraph, the Commission may assume:</text> <level label="1"> <text>future imposition of the tax at the rate established by each county;</text> </level> <level label="2"> <text>100% collection of the tax in each fiscal year; and</text> </level> <level label="3"> <text>the assessed value of property at the time the bonds are issued will remain constant.</text> </level> </level> </level> <level label="3"> <text>The provisions of Subtitle 2 of this title relating to form, interest rate, sale, redemption, guaranty, and liability apply to bonds issued under this subsection.</text> </level> </level> </section> <section article="glu" article_name="Land Use" number="18-402" title_number="18" title_name="Finances" subtitle_number="4" subtitle_name="Land Acquisition Funding"> <level label="a"> <text>The Commission may include in its annual budgets provisions for acquiring land needed for public uses in Montgomery County, including:</text> <level label="1"> <text>State highways, streets and roads, and mass transit facilities, including busways and light rail facilities;</text> </level> <level label="2"> <text>schools;</text> </level> <level label="3"> <text>libraries;</text> </level> <level label="4"> <text>parks and recreation centers; and</text> </level> <level label="5"> <text>government buildings.</text> </level> </level> <level label="b"> <level label="1"> <text>The Commission shall show each public use to be acquired under this subtitle on the Commission’s general or adopted plan for the physical development of the regional district.</text> </level> <level label="2"> <text>An acquisition by the Commission under this section shall receive approval by formal resolution of the district council of Montgomery County.</text> </level> </level> <level label="c"> <text>A public use that is not a State highway, street, road, or mass transit facility may not be within a public construction program at the time that the Commission acquires the land.</text> </level> <level label="d"> <text>The Commission may not acquire a school site under this section without the prior approval of the Montgomery County Board of Education.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-403" title_number="18" title_name="Finances" subtitle_number="4" subtitle_name="Land Acquisition Funding"> <level label="a"> <text>The Commission may acquire land in Prince George’s County that is needed for State highways, streets, roads, or mass transit facilities that are shown on adopted and approved master plans and are included in the Maryland Transportation Plan described in § 2–103.1 of the Transportation Article.</text> </level> <level label="b"> <level label="1"> <text>The Commission may include in its budget provisions for acquiring land needed for public uses in Prince George’s County, including:</text> <level label="i"> <text>schools;</text> </level> <level label="ii"> <text>libraries;</text> </level> <level label="iii"> <text>recreation centers;</text> </level> <level label="iv"> <text>health services facilities; and</text> </level> <level label="v"> <text>elder care facilities.</text> </level> </level> <level label="2"> <text>The Commission may not acquire land for any project that is in the capital budget of the approved capital improvement program of Prince George’s County.</text> </level> </level> <level label="c"> <text>All land acquisitions by the Commission in Prince George’s County are subject to enactment of a local law by the Prince George’s County Council.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-404" title_number="18" title_name="Finances" subtitle_number="4" subtitle_name="Land Acquisition Funding"> <level label="a"> <level label="1"> <text>On request by the Commission, Montgomery County and Prince George’s County may grant money to the Commission for any of the purposes of Subtitles 2 and 3 of this title.</text> </level> <level label="2"> <text>The Commission shall use the money granted under this subsection in the county making the grant.</text> </level> <level label="3"> <level label="i"> <text>Each year, Montgomery County may not grant more than one–half of the county’s share of the State income tax plus one–half the profits of the county dispensary distributed to the county.</text> </level> <level label="ii"> <text>Each year, Prince George’s County may not grant more than one–half of the county’s share of the State income tax.</text> </level> </level> </level> <level label="b"> <text>The governing body of Montgomery County or Prince George’s County may convey, lease, or enter into a contract or agreement with the Commission for use, development, and maintenance by the Commission of county property for the purposes of this division.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-501" title_number="18" title_name="Finances" subtitle_number="5" subtitle_name="Payment of Obligations"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Payment date” means the date of the Commission’s check.</text> </level> <level label="c"> <text>“Proper invoice” means an invoice that:</text> <level label="1"> <text>contains:</text> <level label="i"> <text>the contractor’s federal employer identification number or Social Security number; and</text> </level> <level label="ii"> <text>the contract or purchase order number or other description of the contract; and</text> </level> </level> <level label="2"> <text>contains or is accompanied by substantiating information and documentation as required by regulation or contract.</text> </level> </level> <level label="d"> <text>“Receipt date” means the date that a proper invoice is received by the Commission.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-502" title_number="18" title_name="Finances" subtitle_number="5" subtitle_name="Payment of Obligations"> <text>It is the policy of the Commission that payment under an authorized, written procurement contract shall be made by the Commission to the contractor within 30 days after the receipt date of a proper invoice.</text> </section> <section article="glu" article_name="Land Use" number="18-503" title_number="18" title_name="Finances" subtitle_number="5" subtitle_name="Payment of Obligations"> <text>An amount due and payable under an authorized, written procurement contract and in accordance with law that remains unpaid for more than 45 days after the receipt date shall accrue interest:</text> <level label="1"> <text>for the period that begins 31 days after the receipt date; and</text> </level> <level label="2"> <text>at the rate specified in § 11–107(a) of the Courts Article.</text> </level> </section> <section article="glu" article_name="Land Use" number="18-504" title_number="18" title_name="Finances" subtitle_number="5" subtitle_name="Payment of Obligations"> <text>The Commission is not liable for the payment of interest under this subtitle:</text> <level label="1"> <text>if a proper invoice for accrued interest is not submitted within 30 days after the payment date of the amount on which the interest accrued;</text> </level> <level label="2"> <text>for more than 1 year and 31 days after the receipt date;</text> </level> <level label="3"> <text>on amounts representing unpaid interest; or</text> </level> <level label="4"> <text>if the Commission determines there is a dispute regarding any material factor in the contract or purchase order.</text> </level> </section>