(a) Under Chapter 601 of the 1992 Laws of Maryland, the establishment of a project under this Chapter is in all respects for the benefit of the inhabitants of Montgomery County and is a public purpose. The County, the State and the Authority are performing an essential governmental function in exercising the powers conferred by this Chapter. The Authority must not be required to pay any tax or assessment on:
(1) any facility on or any part of a facility;
(2) activities of the Authority in the operation and maintenance of any facility;
(3) any revenues from the operations or maintenance of any facility or project; or
(4) the bonds of the Authority or the interest on them.
(b) (1) Under Chapter 601 of the 1992 Laws of Maryland, the projects and the bonds of the Authority, the interest on the bonds, and any gain realized from the sale or exchange are exempt from all State, County, municipal and local taxation of any kind or nature, unless the bonds are expressly declared by the Authority to be taxable.
(2) Under Chapter 601 of the 1992 Laws of Maryland, the Authority may declare any project and the bonds issued for the project, interest on the bonds, or any gain realized from the sale or exchange of the bonds to be taxable in any respect, subject to conditions contained in the declaration by the Authority.
(c) The Authority and the State, County, and other incorporated cities or towns in the County may enter into an agreement, for such duration as they may determine, for the payment of a stated sum in lieu of taxes by the Authority to the State or a political subdivision.
(d) The Authority is subject to any applicable benefits assessment, including any road, street, sewer, and water charge that may be levied by operation of law. (1992 L.M.C., ch. 35, § 2.)