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<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>
