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HARRY HUGHES, Governor
2781
(House Bill 1649)
AN ACT concerning
Prince George's County and Anne Arundel County -
Security for Borrowing
PG 415-80
FOR the purpose of providing limitations on the effect of
any provision of the charter of Prince George's County
or of Anne Arundel County with respect to the pledge of
unlimited taxing powers to the payment of the principal
of and interest on borrowings by such county;
permitting each of said counties to create pledged
funds to provide for the payment of principal of and
interest on borrowings by that county; permitting each
of said counties to pledge revenues for payment of
principal of and interest on such borrowings; and
limiting the effect of any charter provision of either
of said counties restricting the levy or collection of
taxes required to provide for the payment of principal
of and interest on such borrowings that occurred prior
to the effective date of such charter provision.
BY adding to
Article 31 - Debt - Public
Section 2D
Annotated Code of Maryland
(1976 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be repealed, amended, or enacted to read as follows: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 31 - Debt - Public
2D.
(A) A PRESENT OR FUTURE PROVISION OF THE CHARTER OF
PRINCE GEORGE'S COUNTY OR OF ANNE ARUNDEL COUNTY THAT
REQUIRES OR HAS THE EFFECT OF REQUIRING THAT SUCH COUNTY
PLEDGE ITS UNLIMITED TAXING POWERS, EITHER AS TO RATE OR
AMOUNT, FOR THE REPAYMENT OF ITS INDEBTEDNESS, SHALL NOT BE
GIVEN EFFECT IF ANY OTHER PROVISION OF THE CHARTER OF THAT
COUNTY ADOPTED AFTER THE PROVISION THEREOF REQUIRING SUCH
PLEDGE IS INCONSISTENT WITH SUCH PLEDGE.
(B) FOR THE PURPOSE OF PROVIDING SECURITY FOR THE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON BORROWINGS BY
PRINCE GEORGE'S COUNTY OR BY ANNE ARUNDEL COUNTY, THE
BORROWING COUNTY, BY CHARTER PROVISION OR BY LEGISLATIVE
ACT, (1) MAY PROVIDE FOR THE CREATION OF SINKING FUNDS, DEBT
SERVICE FUNDS, DEBT SERVICE RESERVE FUNDS, OR OTHER TRUST
FUNDS, INCLUDING FUNDS HELD BY A CORPORATE TRUSTEE, PLEDGED
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