(a) In order to further carry out the provisions of sections 2-14 through 2-16 the Council may at any time, or from time to time, borrow on the faith and credit of the county such sum of money or other article of value in an amount not to exceed the appropriations made under sections 2-14 and 2-15 by public or private sale of certificates of indebtedness, or other evidence of debt, or by direct negotiation with any state or national banking institution or other lending agency.
(b) The Council may also issue certificates of indebtedness or promissory notes in denominations and amounts, and at interest rates and for periods not exceeding two years as the Council by resolution determines. Such certificates of indebtedness or promissory notes must be executed by the County Executive and attested by the Clerk of the Council. Such promissory notes or certificates of indebtedness may be renewed or reissued at any time or from time to time or may be funded by an issue of serial bonds having an average maturity of not more than ten years from the date of issue.
(c) The bonds, certificates of indebtedness, promissory notes or other evidences of debt issued under this Section must be specifically exempted from sections 8, 9 and 10 of article 31 of the Maryland Code, and from any other public general or local law of Maryland which conflicts with Sections 2-14 through 2-16. All evidences of debt issued pursuant to Sections 2-14 through 2-16 and the interest thereon must be exempt from all state, county and municipal taxes. All debt incurred under Sections 2-14 through 2-16 must be until paid the obligation of the County issued upon its full faith and credit. (Mont. Co. Code 1965, § 2-21; 1943, ch. 75, § 3; 1970 L.M.C., ch. 9, § 3; 1998 L.M.C., ch. 24, § 1.)
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