Md. Code, Local Government § 21–612

(a) (1) Montgomery County, Prince George’s County, and the City of

Takoma Park may issue bonds in any amount that they consider necessary to provide

money for their respective portions of the stormwater management programs and

systems authorized under this subtitle.

(2) The proceeds of bonds issued under paragraph (1) of this

subsection shall be used for the planning, acquisition, construction, reconstruction,

establishment, extension, enlargement, demolition, or purchase of facilities,

including land, interests in land, or equipment, for stormwater management

programs and systems.

(b) (1) (i) Bonds of the City of Takoma Park authorized by this

subtitle may be issued in conjunction with bonds of Prince George’s County

authorized by this subtitle in the manner provided by resolutions of the City Council

of the City of Takoma Park and the County Council of Prince George’s County, subject

in each case to approval of bond counsel for the respective jurisdiction.

(ii) The resolutions may include procedures for a joint or

coordinated offering or sale of the bonds.

(2) (i) Prince George’s County may issue bonds authorized by this

subtitle payable from the ad valorem taxes authorized by § 21–623(a) of this subtitle

for the benefit of the City of Takoma Park for the same purposes for which the City

of Takoma Park may issue bonds under this subtitle in connection with systems

located in the City of Takoma Park, subject to the approval of bond counsel for Prince

George’s County.

(ii) The bonds authorized by this paragraph shall be approved

by appropriate resolutions of the City Council of the City of Takoma Park and the

County Council of Prince George’s County.

(iii) The resolutions shall provide for the lending of the

appropriate portion of the proceeds of the bonds by Prince George’s County to the City

of Takoma Park and the repayment of the loan by the City of Takoma Park to Prince

George’s County in the amounts and at the times necessary to enable Prince George’s

County to make all payments of principal of and interest on the bonds when due,

including the proportionate part of any principal of any outstanding sinking fund

bonds, as determined by the table of redemption of bonds for bonds issued by Prince

George’s County for the benefit of the City of Takoma Park for stormwater

management under this subtitle.