1538

LAWS OF MARYLAND

Ch. 498

"development district"; providing that a certain
portion of county and municipal taxes levied on
property in the development district shall be placed in
a special fund to be applied to the repayment of the
bonds; providing for the nature -and incidents of the
bonds and their exception from taxation; providing that
land leased within a development district by a county
or municipality shall be assessed and taxed in the same
manner as privately owned property; and generally
relating to the fiscal and development technique known
as "tax increment financing".

BY adding to

Article 41 - Governor - Executive and

Administrative Departments
Section 266-II-1 through 266-II-12, inclusive, to be

under the new subheading "Tax Increment

Financing Act"
Annotated Code of Maryland
(1978 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 - Governor - Executive and Administrative
Departments

TAX INCREMENT FINANCING ACT

266-II-1.

THIS SUBHEADING, CONSISTING OF § 266-II-1 THROUGH §
266-II-12, MAY BE KNOWN AS THE TAX INCREMENT FINANCING ACT.

266-II-2.

(A)  IN THIS ACT THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED, UNLESS THE CONTEXT CLEARLY INDICATES ANOTHER OR
DIFFERENT MEANING OR INTENT.

(B)  "ACT" MEANS THE TAX INCREMENT FINANCING ACT.

(C)  "BONDS" OR "BOND" MEANS ANY REVENUE BONDS OR BOND,
NOTES OR NOTE, OR OTHER SIMILAR INSTRUMENTS OR INSTRUMENT
ISSUED BY ANY MUNICIPALITY OR COUNTY PURSUANT TO AND IN
ACCORDANCE WITH THIS ACT.

(D)  "CHIEF EXECUTIVE OFFICER" MEANS THE PRESIDENT,
CHAIRMAN, MAYOR, OR OTHER CHIEF EXECUTIVE OFFICER OF A
MUNICIPALITY OR COUNTY.

(E)  "COUNTY" MEANS ONE OF THE 23 COUNTIES OF MARYLAND,
AND INCLUDES THE MAYOR AND CITY COUNCIL OF BALTIMORE.