HARRY HUGHES, Governor                              1541

(II) THAT PORTION OF THE TAXES
REPRESENTING THE LEVY ON THE TAX INCREMENT THAT WOULD
NORMALLY BE PAID TO THE ISSUING BODY SHALL BE PAID INTO A
SPECIAL FUND TO BE APPLIED TOWARD THE REPAYMENT OF THESE
BONDS. THIS YIELD SHALL NOT BE CONSIDERED AS COUNTY OR
MUNICIPAL TAXES FOR THE PURPOSES OF ANY CONSTANT YIELD TAX
LIMITATION OR STATE OR LOCAL RESTRICTION, EXCEPT FOR TAX
REVENUES RECEIVED FROM RESIDENTIAL PROPERTIES IN PRINCE
GEORGE'S COUNTY. NO STATE REAL PROPERTY TAXES MAY BE PAID
INTO THE SPECIAL FUND.

266-II-7.

A COUNTY OR MUNICIPALITY WHICH IS NOT THE ISSUING BODY
MAY PLEDGE, BY WRITTEN AGREEMENT, THAT ITS PROPERTY TAXES
LEVIED ON THE TAX INCREMENT SHALL ALSO BE PAID INTO THE
SPECIAL FUND. SUCH AGREEMENTS SHALL BE BETWEEN THE
GOVERNING BODIES OF A COUNTY AND A MUNICIPALITY. THEY SHALL
RUN TO THE BENEFIT OF AND BE ENFORCEABLE ON BEHALF OF ANY
BONDHOLDER.

266-II-8.

(A)  IN ORDER TO IMPLEMENT THE AUTHORITY CONFERRED UPON
IT BY THIS ACT TO ISSUE BONDS, THE GOVERNING BODY OF ANY
COUNTY OR MUNICIPALITY SHALL ADOPT AN ORDINANCE WHICH:

(1)  SPECIFIES AND DESCRIBES THE PROPOSED
UNDERTAKING AND STATES THAT IT HAS COMPLIED WITH SUBSECTION
266-II-6 OF THIS ACT;

(2)  SPECIFIES THE MAXIMUM PRINCIPAL AMOUNT OF
BONDS TO BE ISSUED; AND

(3)  SPECIFIES THE MAXIMUM RATE OR RATES OF
INTEREST THE BONDS ARE TO BEAR.

(B)  THE ORDINANCE DESCRIBED IN § 266-II-8, MAY ITSELF
SPECIFY AND PRESCRIBE, OR MAY AUTHORIZE ITS FINANCE BOARD,
BY RESOLUTION OR ORDINANCE, OR ITS CHIEF EXECUTIVE OFFICER,
BY EXECUTIVE ORDER, TO SPECIFY AND PRESCRIBE ANY OF THE
FOLLOWING AS IT DEEMS APPROPRIATE TO EFFECT THE FINANCING OF
THE PROPOSED UNDERTAKING:

(1)  THE ACTUAL PRINCIPAL AMOUNT OF THE BONDS TO
BE ISSUED;

(2)  THE ACTUAL RATE OR RATES OF INTEREST THE
BONDS ARE TO BEAR;

(3)  THE MANNER IN WHICH AND THE TERMS UPON WHICH
THE BONDS ARE TO BE SOLD;

(4)  THE MANNER IN WHICH AND THE TIMES AND PLACES
THAT THE INTEREST ON THE BONDS IS TO BE PAID;