(a)    In this section, “Fund” means an Advance Land Acquisition Fund.

(b)    There is an Advance Land Acquisition Fund in each county.

(c)    The purpose of each Fund is to purchase land and related facilities consistent with the purposes of this section and §§ 18–402 and 18–403 of this subtitle.

(d)    The Commission shall administer each Fund.

(e)    Each Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article or provisions of this division relating to unexpended balances.

(f)    Each Fund consists of:

(1)    money allocated to the Fund for the respective county in the annual budgets of the Commission under Subtitle 1 of this title;

(2)    proceeds of bonds issued under this section and allocated to the Fund;

(3)    investment earnings of the Fund; and

(4)    any other money from any other source accepted for the benefit of the Fund.

(g)    Any investment earnings of a Fund shall be paid into the Fund.

(h)    Expenditures from a Fund may be made only in accordance with this section and §§ 18–402 and 18–403 of this subtitle.

(i)    (1)    At any time after acquiring land, on repayment to the Commission of the amount disbursed by the Commission for the land plus interest, the Commission may transfer the land to:

(i)    a construction agency of the State;

(ii)    Montgomery County;

(iii)    Prince George’s County;

(iv)    the redevelopment authority of Prince George’s County;

(v)    the revenue authority of Prince George’s County; or

(vi)    a municipal corporation or governed special taxing district in Montgomery County or Prince George’s County.

(2)    The Commission shall place any amount received in repayment for land in the Fund.

(3)    (i)    If the State construction agency for Montgomery County or a municipal corporation or governed district in Montgomery County determines that acquired land is not required for a public use specified on the county’s plan required under § 18–402(b) of this subtitle, the Commission may use the land as a part of its park system.

(ii)    A use of land by the Commission for park or recreation purposes under subparagraph (i) of this paragraph is not a dedication for these purposes.

(iii)    If the Commission at any time determines that the land is not needed for park purposes, the Commission may dispose of the land in the manner provided for elsewhere in this division.

(4)    (i)    If the State construction agency for Prince George’s County or a municipal corporation or governed district in Prince George’s County, the redevelopment authority for Prince George’s County, or the revenue authority of Prince George’s County determines that acquired land is not required for public use, the Commission may use the land as a part of its park system, subject to the approval of the Prince George’s County Council.

(ii)    A use of land by the Commission for park or recreation purposes under subparagraph (i) of this paragraph is not a dedication for these purposes.

(iii)    If the Commission at any time determines that the land is not needed for park purposes, the Commission may dispose of the land in the manner provided for elsewhere in this division.

(j)    (1)    (i)    The Commission may issue and sell bonds in amounts it considers necessary for the purposes of the Funds.

(ii)    In Prince George’s County, the Commission’s issuance and sale of bonds concerning the county is subject to approval by the County Council.

(2)    (i)    Subject to subparagraph (ii) of this paragraph, the amount of the bonds outstanding at any time may not exceed an amount that is redeemable within 30 years from the date of issue by a tax of 1.2 cents on each $100 assessed valuation of real property in Montgomery County and Prince George’s County and 3 cents on each $100 assessed valuation of personal property and operating real property described in § 8–109(c) of the Tax – Property Article.

(ii)    To determine the amount of bonds outstanding under subparagraph (i) of this paragraph, the Commission may assume:

1.    future imposition of the tax at the rate established by each county;

2.    100% collection of the tax in each fiscal year; and

3.    the assessed value of property at the time the bonds are issued will remain constant.

(3)    The provisions of Subtitle 2 of this title relating to form, interest rate, sale, redemption, guaranty, and liability apply to bonds issued under this subsection.