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Ch. 234
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1886
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LAWS OF MARYLAND
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by the county payable primarily or exclusively from taxes
levied in or on, or other revenues of, special taxing
areas or districts heretofore or hereafter established by
law, and (c) bonds or other evidences of indebtedness
issued for self—liquidating and other projects payable
primarily or exclusively from the proceeds of assessments
or charges for special benefits or services, shall not be
subject to, or be included as bonds or evidences of
indebtedness in computing or applying, said 15 per centum
limitation.
[(2)] (II) Any local law authorizing
the borrowing of money or issuance of bonds or other
evidences of indebtedness shall be submitted to the
registered voters of the county for approval or
rejection, if a petition for such submission is filed
pursuant to the provisions of the charter and local laws
of the county. If the charter contains no such
provisions, any local law authorizing the borrowing of
money or issuance of bonds or other evidences of
indebtedness shall be submitted to the registered voters
of the county for approval or rejection, if a petition
for such submission, bearing the signatures of 10 per
centum or more of such voters, is filed with the board of
supervisors of elections of the county within 75 days
after the enactment of such local law.
(2) THE BONDS, NOTES, AND ANY OTHER
EVIDENCES OF OBLIGATION ISSUED UNDER THIS SECTION, THEIR
TRANSFER, THE INTEREST PAYABLE ON THEM, AND ANY INCOME
DERIVED FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR
SALE OR EXCHANGE, SHALL BE EXEMPT AT ALL TIMES FROM EVERY
KIND AND NATURE OF TAXATION BY THIS STATE, OR BY ANY OF
ITS POLITICAL SUBDIVISIONS, MUNICIPAL CORPORATIONS OR
PUBLIC AGENCIES OF ANY KIND.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved April 29, 1977.
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CHAPTER 235
(Senate Bill 1121)
AN ACT concerning
State Mental Retardation Facilities - Costs
FOR the purpose of changing the effective date of
liability for certain costs based upon Federal
income tax return; and specifying the initial date
of liability and the effective date of any change of
liability based upon election of schedule.
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