3336

LAWS OF MARYLAND

Ch. 544

(9) PAYMENT BY A COUNTY OF THE COUNTY'S

OBLIGATIONS TO THE DEPARTMENT OF TRANSPORTATION FOR COUNTY

TRANSPORTATION BONDS, ISSUED BY THE DEPARTMENT UNDER § 3-303

OF THE TRANSPORTATION ARTICLE, FOR RIGHT OF WAY PROJECTS TO,

FROM, OR WITHIN A DEVELOPMENT DISTRICT DESIGNATED BY THE

COUNTY; AND

[(9)] (10) (9) Payment of the principal and
interest on loans, money advanced, or indebtedness incurred
by a county or municipality, for any of the purposes set out
in [§ 266JJ-5(1) through (9)] THIS SUBSECTION.

(B) IF A COUNTY APPLIES REVENUES OR BOND PROCEEDS AS
PROVIDED IN SUBSECTION (A)(9) OF THIS SECTION, THE MAXIMUM
AMOUNT OF THE COUNTY'S TRANSPORTATION BONDS, AS PROVIDED IN
§ 3-306 OF THE TRANSPORTATION ARTICLE, SHALL BE THE SUM OF:

(1) TWICE THE COUNTY'S ANNUAL DEBT SERVICE ON
COUNTY HIGHWAY CONSTRUCTION BONDS AND COUNTY TRANSPORTATION
BONDS; AND

(2) THE EXCESS REVENUES, AS DESCRIBED IN §
266JJ 6(C)(2) OF THIS SUBHEADING, REMAINING IN THE SPECIAL
FUNDS OF THE COUNTY'S DEVELOPMENT DISTRICTS FOR WHICH

RIGHT-OF-WAY PROJECTS HAVE BEEN FINANCED BY HIGHWAY

CONSTRUCTION OR TRANSPORTATION BONDS.

266JJ-6.

(A) Before issuing these bonds, the governing body of
the issuer shall:

(1)  Designate by ordinance or resolution a
contiguous area within its jurisdiction as a "development
district". If the governing body of a county designates an
area which is wholly or partly within the corporate limits
of a municipality, an ordinance - or resolution of the
governing body of the municipality, approving the district,
is also required to establish the district. All assessed
values shall be determined as of January 1 of that year
preceding the effective date of the ordinance or resolution
adopted pursuant to this subsection.

(2)  Receive from the supervisor of assessments a
certification of assessed valuation of taxable real property
within the development district as of January 1 of that year
preceding the effective date of the ordinance or resolution
adopted pursuant to this subsection. The total sum of the
assessed valuation of property within the development
district shall be referred to as the "original taxable
value". In subsequent years, the amount by which the total
sum of the assessed valuation of the real property within
the development district exceeds the "original taxable
value" shall be referred to as the "tax increment".