Maryland Code, LAND USE 18-208
Terms Used In Maryland Code, LAND USE 18-208
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(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.
(b) The Commission may reissue or renew its tax anticipation notes at an interest rate that the Commission determines to be advantageous.
(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.
(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.