§ 18-209. Pledge of tax proceeds
West's Annotated Code of MarylandLand UseEffective: October 1, 2012
Effective: October 1, 2012
MD Code, Land Use, § 18-209
§ 18-209. Pledge of tax proceeds
(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.
(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.
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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