2236

LAWS OF MARYLAND

Ch. 762

structures and such related facilities as dining halls,
community rooms, infirmaries, and other essential service
facilities constructed (substantially completed or
substantially rehabilitated) after July 1, 1973, OR IN
MONTGOMERY COUNTY BEGINNING JULY 1, 1978, PROPERTY MEETING
THE REQUIREMENTS OF THIS SECTION CONSTRUCTED AFTER JANUARY
1, 1968, if a portion of the cost was financed under a
governmental program providing housing for low income
families and if the structures and facilities yield revenues
controlled under the program so as net to produce any net
income and are operated on a nonprofit basis, may be subject
to exemption with the approval of the political subdivision
in which the property is located upon the entry of the
executive tody of the subdivision and the institution,
organization, or corporation into an agreement for the
payment of a negotiated sum or sums in lieu of all State and
local taxes upon the property. The agreement may include
the abatement or reduction of any previous taxes levied
against the property. The payment shall be divided between
the State and the subdivision in accordance with the ratio
which the rate of tax levied by the State bears to the rate
of tax levied by the subdivision.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 16, 1978.

CHAPTER 763

(House Bill 1905)

AN ACT concerning

Teachers' Retirement System — Creditable
Service Payments

FOR the purpose of altering the annual payment required to
receive credit for out-of-state, nonpublic, or
postsecondary teaching service under the teachers'
retirement system; and permitting payments for this
service to be credited on a pro rata basis at the time
of retirement with an option to pay an additional
amount at that time and receive full credit.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 85 (7)

Annotated Code of Maryland

(As enacted by Chapter __ of the Acts

of the General Assembly of 1978)