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§ 18-209. Pledge of tax proceeds

West's Annotated Code of MarylandLand UseEffective: October 1, 2012

West's Annotated Code of Maryland
Land Use (Refs & Annos)
Division II. Maryland-National Capital Park and Planning Commission [Titles 14-27] (Refs & Annos)
Title 18. Finances (Refs & Annos)
Subtitle 2. Debt and Securities (Refs & Annos)
Effective: October 1, 2012
MD Code, Land Use, § 18-209
§ 18-209. Pledge of tax proceeds
Authorization; purpose
(a) The revenues derived from the collection of the taxes authorized under this title shall pay the principal of and interest on bonds issued under this title.
Inadequate tax revenue
(b)(1) If the revenues from the taxes are inadequate to pay the principal of and interest on the bonds, the county guaranteeing the bonds shall impose, in each year the taxes are inadequate, an additional tax on all assessable property in the portion of the metropolitan district in that county sufficient to make up the deficiency.
(2) If the revenues from the additional tax under paragraph (1) of this subsection are inadequate, the county shall impose a tax on all assessable property in the corporate limits of the county sufficient to pay the deficiency in the revenues available to pay the principal of and interest on the bonds.
Power of Commission unchanged
(c) This division may not be construed to modify the limitations on the powers of the Commission to issue bonds under §§ 18-203 through 18-207 of this subtitle or in any other law.

Credits

Added by Acts 2012, c. 426, § 2, eff. Oct. 1, 2012.
MD Code, Land Use, § 18-209, MD LAND USE § 18-209
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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