2170

LAWS OF MARYLAND

[Ch. 352

the county or the State will have to provide additional
school sites [. The], OR OTHER FACILITIES FOR THE USE AND
BENEFIT OF NEW RESIDENTS WHO WILL POPULATE THE DEVELOPED
LAND, THE owner or owners of the land, in accordance
with regulations or procedures which may be promulgated
by the County Commissioners, shall compensate the county
for [such school sites] THE BORDEN THE DEVELOPMENT WILL
IMPOSE IN TERMS OF THE ADDITIONAL PUBLIC FACILITIES WHICH
WILL HAVE TO BE PROVIDED IN AN AMOUNT EQUAL TO THE COST
ATTRIBUTABLE TO THE PROPOSED DEVELOPMENT OF THE LAND
INVOLVED.

(b)  The costs to be compensated by the land owner or
owners shall be determined by the County Commissioners.
Proportionate division and provisions for payment of
these costs shall be made according to reasonable
schedules approved by the County Commissioners. HOWEVER,
IN NO CASE MAY THIS AMOUNT EXCEED $400 PER LOT. These
schedules shall reflect the impact of the development
over time and provide for the timely acquisition of land
AND OTHER FACILITIES BY THE COUNTY, STATE, OR THE LAND
OWNERS, AS THE CASE MAY BE, DESIGNED TO SERVE RESIDENTS
OF THE DEVELOPMENT.

(c)   Moneys received by the county for compensation
[for added public school sites shall be placed in a
separate trustee account with the County Commissioners as
trustee of this fund] UNDER THIS SECTION SHALL BE PLACED
IN A SEPARATE FUND. The funds [in this account] shall be
used [solely] for [the acquisition of land for school
sites] PUBLIC FACILITIES. [These special accounts] THIS
SPECIAL FUND shall be administered by the County
Commissioners and [are] IS subject to investment or
expenditure by the County Commissioners, in their
absolute discretion solely for the purposes of this
section.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.

CHAPTER 353
(Senate Bill 684)

AN ACT concerning

Residential Loans — Refinancing