HARRY HUGHES, Governor                              1539

(F)  "DEVELOPMENT" INCLUDES NEW DEVELOPMENT,
REDEVELOPMENT, REVITALIZATION, AND RENOVATION.

(G)  "DEVELOPMENT DISTRICT" MEANS A CONTIGUOUS AREA
DESIGNATED BY AN ORDINANCE OR RESOLUTION.

(H) "ORIGINAL TAXABLE VALUE" MEANS THE TOTAL SUM OF
THE ASSESSED VALUATION OF PROPERTY WITHIN THE DEVELOPMENT
DISTRICT AS OF JANUARY 1 OF THAT YEAR PRECEDING THE
EFFECTIVE DATE OF THE ORDINANCE OR RESOLUTION CREATING THE
DEVELOPMENT DISTRICT.

(I) "TAX INCREMENT" MEANS THE AMOUNT BY WHICH THE
TOTAL SUM OF THE ASSESSED VALUATION OF THE REAL PROPERTY
WITHIN THE DEVELOPMENT DISTRICT EXCEEDS THE ORIGINAL TAXABLE
VALUE.

266-II-3.

IN ADDITION TO WHATEVER OTHER POWERS IT MAY HAVE AND
NOTWITHSTANDING ANY LIMITATION OF LAW, ANY MUNICIPALITY OR
COUNTY MAY BORROW MONEY BY ISSUING AND SELLING BONDS, AT ANY
TIME AND FROM TIME TO TIME, FOR THE PURPOSE OF FINANCING THE
DEVELOPMENT OF AN INDUSTRIAL, COMMERCIAL, OR RESIDENTIAL
AREA. THIS ACT IS SELF-EXECUTING AND IT SHALL NOT BE
NECESSARY FOR ANY SUCH MUNICIPALITY OR COUNTY TO EFFECT ANY
AMENDMENT OF ITS CHARTER IN ORDER TO EXERCISE THE POWERS
GRANTED HEREUNDER. THIS ACT DOES NOT APPLY IN BALTIMORE
CITY.

266-II-4.

BONDS SHALL BE PAYABLE FROM THE SPECIAL FUND DESCRIBED
IN SUBSECTION 266-II-6(3)(II) AND THE GOVERNING BODY OF THE
ISSUER MAY ALSO PLEDGE ITS FULL FAITH AND CREDIT OR
ESTABLISH SINKING FUNDS, ESTABLISH DEBT SERVICE RESERVE
FUNDS, OR PLEDGE OTHER ASSETS AND REVENUES TOWARDS THE
PAYMENTS OF THE PRINCIPAL AND INTEREST.

266-II-5.

ALL PROCEEDS RECEIVED FROM ANY BONDS ISSUED AND SOLD
PURSUANT TO THIS ACT SHALL BE APPLIED SOLELY FOR:

(1)  THE COST OF PURCHASING, LEASING, CONDEMNING,
OR OTHERWISE ACQUIRING LAND OR OTHER PROPERTY, OR AN
INTEREST IN THEM, IN THE DESIGNATED DEVELOPMENT DISTRICT
AREA OR AS NECESSARY FOR A RIGHT-OF-WAY OR OTHER EASEMENT TO
OR FROM THE DEVELOPMENT DISTRICT AREA;

(2)  SITE REMOVAL;

(3)  SURVEYS AND STUDIES;

(4)  RELOCATION OF BUSINESSES OR RESIDENTS;