(a) Generally. Each note shall be dated the date of delivery of the note, shall mature within 60 days of its initial authentication and delivery, and shall bear interest from its date payable at the maturity of the note or on any prior redemption date. The notes shall be registered as to both principal and interest in the names of the owners of the notes on books kept for such purpose by the Controller at the Controller's office in Annapolis, Maryland, said Controller being hereby designated as note registrar for each series of notes as to which the County Executive has not designated a bank or trust company as note registrar. The notes shall be designated "Anne Arundel County, Maryland, Tax Anticipation Notes" and the notes of each series shall be further designated as the County Executive may determine.
(b) Specific requirements. The County Executive may establish the form of each series of notes, provided that the form shall:
(1) state "ANNE ARUNDEL COUNTY, MARYLAND, a body politic and corporate of the State of Maryland (the ‘County'), hereby acknowledges itself indebted, for value received and upon presentation and surrender hereof, hereby promises to pay on the maturity date to the registered owner hereof, the principal amount of this note, with interest thereon from the date of issue to the maturity date, at the interest rate per year and at the office of the paying agent, all as specified herein." and "This note is issued in anticipation of the receipt of current taxes. The full faith and credit and unlimited taxing power of the County are hereby irrevocably pledged to the prompt payment of the principal of and interest on this note according to its terms, and the County hereby covenants and agrees to pay promptly the principal of this note and the interest thereon at the date and in the manner mentioned herein"; and
(2) contain the date of issue, the maturity date, the principal amount, the interest rate and the place of payment of such series of notes; redemption provisions, if any, established by the County Executive; provisions for the registration of such notes; the form of certificate of authentication; and such other provisions, terms, legends, and text as may be necessary or desirable.
(1985 Code, Art. 6, § 9-205)