(a) The county may for any public purpose borrow money and may issue in evidence thereof negotiable, unsecured, promissory notes in the form of commercial paper. Such notes shall be hereinafter referred to as "Montgomery County commercial paper." No commercial paper issued under the authority of this section shall have a maturity of more than one (1) year. Commercial paper may not be issued unless authorized by resolution of the county council. A separate resolution is not required for each issuance of commercial paper, provided the total amount of outstanding commercial paper does not exceed the amount previously authorized by resolution. The authority to issue commercial paper shall be exercised, from time to time, in the manner established by this section.
(b) The resolution authorized by subsection (a) of this section shall delegate to the county executive the power to enter into all agreements which may be necessary to secure and market the commercial paper authorized by this section. The provisions of chapter 11B of the Montgomery County Code as amended, shall be applicable to the selection of a dealer and shall be inapplicable to the issuance, securing or marketing of such paper. Such resolution shall also delegate to the county executive the authority to fix, by order, the terms, maturity, interest rates, method of issuance and sale and other conditions applicable to the commercial paper hereby authorized or the method by which such matters are to be fixed and determined.
(c) The commercial paper issued pursuant to the authority contained in his section shall be issued upon the full faith and credit of the county. The entire property subject to assessment and taxation within the county shall be liable for the payment of the principal of and interest on the commercial paper issued pursuant to the authority contained in this section. The council shall levy a tax upon all such property in rate and amount sufficient to provide funds for the payment of such principal and interest of the commercial paper at maturity.
(d) If the proceeds of any Montgomery County commercial paper are used to finance, in whole or in part, public facilities as that term is defined in this chapter 20, such Montgomery County commercial paper may be redeemed from proceeds resulting from the issuance of general obligation bonds of Montgomery County, and the full faith and credit and unlimited taxing power of Montgomery County shall be pledged for the payment of such bonds. The general obligation bonds authorized by this section shall be issued in accordance with section 20-14 to section 20-21, inclusive, of this chapter or pursuant to law duly enacted by the council.
(e) The commercial paper issued pursuant to the authority contained in this section, and the interest thereon, shall be and remain exempt from state, county and municipal taxes of every kind whatsoever in this state.
(f) The authority contained in this section shall be in addition and supplementary to any other authority vested in the county to borrow money, and no statutory requirements of advertisement or public sale which are applicable to the issuance and sale of other public debt by the county shall be applicable to the issuance and sale of the Montgomery County commercial paper hereby authorized.
(g) The total amount of Montgomery County commercial paper issued and outstanding under the provisions of this section shall never at any one time exceed fifty million dollars ($50,000,000.00). (1983 L.M.C., ch. 54, § 1.)