BLAIR LEE III, Acting Governor

171

REVISOR'S NOTE: This section presently appears as Art.
77, 130A(j)(2), (3), and (4).

The only changes are in style.

5-304.        EFFECT OF PARTICIPATION OF COUNTIES IN GENERAL

PUBLIC SCHOOL CONSTRUCTION LOAN OF 1956 OR SIMILAR ACTS.

(A)      INDEBTEDNESS OF COUNTY NOT INCREASED BY CERTAIN
PUBLIC SCHOOL CONSTRUCTION LOAN ACTS.

THE INDEBTEDNESS OF A    COUNTY MAY NOT BE CONSIDERED TO

BE INCREASED BY THE RECEIPT OF MONEY BY A COUNTY FROM

PARTICIPATION IN THE GENERAL PUBLIC SCHOOL CONSTRUCTION LOAN
OF 1956 OR ANY SIMILAR ACT.

(B)       AD VALOREM TAXES MAY NOT BE REQUIRED.

A COUNTY MAY NOT BE REQUIRED TO LEVY AD VALOREM TAXES
ON ITS TAXABLE BASIS FOR THE PURPOSE OF REPAYING TO THE
STATE ANY MONEY RECEIVED BY THE COUNTY AS A RESULT OF THESE
ACTS DURING THE CALENDAR YEAR 1958 OR AFTER OR THE INTEREST
OR CARRYING CHARGES WITH RESPECT TO THIS MONEY.

(C)       DEDUCTION FROM MONEY DUE COUNTY.

ALL MONEY RECEIVED BY A COUNTY DURING THE CALENDAR YEAR
1958 OR AFTER BECAUSE OF THE PARTICIPATION OF THE COUNTY IN
THE GENERAL PUBLIC SCHOOL CONSTRUCTION LOAN OF 1956 OR ANY
SIMILAR ACT SHALL BE DEDUCTED FROM THE FUNDS DUE THE COUNTY
UNDER THE APPLICABLE PROVISIONS OF STATE LAW THAT RELATE TO
THE:

(1)   INCOME TAX;

(2)   TAX ON RACING;

(3)   RECORDATION TAX;

(4)   TAX ON AMUSEMENTS;

(5)   LICENSE TAX; AND

(6)          SCHOOL BUILDING CONSTRUCTION AID PROGRAM
UNDER §5-301(C) OF THIS SUBTITLE.

(D)       SELF-LIQUIDATING OBLIGATIONS.

ALL OBLIGATIONS IN CONNECTION WITH FUNDS RECEIVED BY A
COUNTY FROM THE GENERAL PUBLIC SCHOOL CONSTRUCTION LOAN OF
1956 OR ANY SIMILAR ACT ARE SELF-LIQUIDATING OBLIGATIONS,
INCURRED FOR SELF-LIQUIDATING PROJECTS WITHIN THE MEANING OF
THOSE TERMS AS USED IN ANY CHARTER OR PUBLIC GENERAL OR
PUBLIC LOCAL LAW OF THIS STATE.

(E)   INCONSISTENT LAWS REPEALED.

ANY LAW THAT IS INCONSISTENT WITH THE PROVISIONS OF