Ch. 459                                          LAWS OF MARYLAND

(3)  AN AGREEMENT AUTHORIZED BY PARAGRAPH (2) OF THIS
SUBSECTION MAY HAVE SUCH PROVISIONS, TERMS, AND CONDITIONS, AND
MAY BE OF SUCH DURATION, AS THE LOCAL GOVERNMENT BY RESOLUTION
MAY DETERMINE.

(4)  EXCEPT AS PROVIDED IN PARAGRAPH (6) OF THIS
SUBSECTION, ANY PAYMENT OBLIGATION IN AN AGREEMENT AUTHORIZED BY
PARAGRAPH (2) OF THIS SUBSECTION:

(I)  SHALL BE A GENERAL OBLIGATION OF THE LOCAL
GOVERNMENT TO WHICH ITS FULL FAITH AND CREDIT AND UNLIMITED
TAXING POWER IS PLEDGED; AND

(II)  MAY NOT BE SUBJECT TO ANNUAL APPROPRIATION
BY THE LOCAL GOVERNMENT.

(5)  A PAYMENT OBLIGATION IN AN AGREEMENT AUTHORIZED
BY PARAGRAPH (2) OF THIS SUBSECTION MAY BE UNDERTAKEN BY A LOCAL
GOVERNMENT PURSUANT TO AND WITHIN THE LIMITATIONS OF THIS
SUBSECTION:

(I)  WITHOUT REGARD TO ANY LIMITATIONS SET FORTH
IN ITS CHARTER OR OTHER APPLICABLE PUBLIC LOCAL OR PUBLIC GENERAL
LAW THAT WOULD OTHERWISE APPLY; AND

(II)  WITHOUT COMPLYING WITH ANY PROCEDURES SET
FORTH IN ITS CHARTER OR OTHER APPLICABLE PUBLIC LOCAL OR PUBLIC
GENERAL LAW THAT WOULD OTHERWISE BE REQUIRED.

(6)  IF A STATE CONSTITUTIONAL PROVISION LIMITS A
LOCAL GOVERNMENT IN UNDERTAKING A PAYMENT OBLIGATION DESCRIBED IN
PARAGRAPH (4) OF THIS SUBSECTION OR REQUIRES A LOCAL GOVERNMENT
TO COMPLY WITH CERTAIN PROCEDURES PRIOR TO UNDERTAKING A PAYMENT
OBLIGATION DESCRIBED IN PARAGRAPH (4) OF THIS SUBSECTION, THE
LOCAL GOVERNMENT MAY PROVIDE THAT THE PAYMENT OBLIGATION:

(I)  IS A LIMITED OBLIGATION OF THE LOCAL
GOVERNMENT REPAYABLE FROM ASSETS AND REVENUES AS PROVIDED IN THE
AGREEMENT; OR

(II)  IS SUBJECT TO ANNUAL APPROPRIATION BY THE
LOCAL GOVERNMENT.

(7)  THE AGGREGATE OUTSTANDING AND UNPAID PRINCIPAL
AMOUNT THAT A LOCAL GOVERNMENT SHALL BE OBLIGATED TO PAY UNDER
THE AUTHORITY OF THIS SUBSECTION MAY NOT EXCEED TWO-TENTHS OF ONE
PERCENT (0.2%) OF ITS ASSESSABLE BASE AS CERTIFIED TO THE LOCAL
GOVERNMENT IN EACH YEAR BY THE STATE DEPARTMENT OF ASSESSMENTS
AND TAXATION FOR REAL PROPERTY TAX PURPOSES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

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