HARRY HUGHES, Governor

3335

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows: Section(s) 266JJ-7 through 266JJ-12,
respectively, of Article 41 - Governor - Executive and
Administrative Departments, of the Annotated Code of
Maryland be renumbered to be Section(s) 266JJ-9 through
266JJ-14, respectively.

SECTION 2. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland read(s) as follows:

Article 41 - Governor - Executive and Administrative

Departments

266JJ-4.

Bonds shall be payable from the special fund described
in [subsection] § 266JJ-6(3)(ii) OF THIS SUBHEADING 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.

266JJ-5.

(A) All proceeds received from any bonds issued and
sold pursuant to this subheading 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;

(5)  Installation of utilities, construction of
parks and playgrounds, and other necessary improvements
including streets, roads AND ROADS TO, FROM, OR WITHIN THE
DEVELOPMENT DISTRICT, parking, lighting, and other
facilities;

(6)  Construction or rehabilitation of buildings
provided that such buildings are to be devoted to a
governmental use or purpose;

(7)  Reserves or capitalized interest;

(8)  Necessary costs of issuing bonds; AND