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<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>
