3338                                  LAWS OF MARYLAND                                Ch. 544

DESCRIBED IN SECTION 266JJ-6(S)(II) WITH RESPECT TO A
DEVELOPMENT DISTRICT, EVEN THROUGH NO BONDS AUTHORIZED BY
THIS ACT HAVE BEEN ISSUED BY SUCH COUNTY OR MUNICIPALITY
WITH RESPECT TO THAT DEVELOPMENT DISTRICT. OR ARE THEN
OUTSTANDING. THE TAXES ALLOCATED TO SUCH SPECIAL FUND BY
SECTION 266JJ-6(3)(II) SHALL THEREAFTER BE PAID OVER TO SUCH
SPECIAL FUND, AS LONG AS SUCH ORDINANCE OR RESOLUTION
REMAINS IN EFFECT. ANY TAXES THAT COULD HAVE BEEN ALLOCATED
TO THE SPECIAL FUND AUTHORIZED BY SECTION 266JJ-6(3)(II) AND
THAT HAVE ACTUALLY BEEN SET ASIDE FOR THAT PURPOSE, AFTER
JULY 1, 1980, BY A COUNTY OR MUNICIPALITY IN ITS BUDGET MAY
BE PLACED IN THE SPECIAL FUND CREATED AFTER THAT DATE UNDER
THIS SECTION OR UNDER SECTION 266JJ-6(3)(II).

266JJ-8.

(A) WHEN NO BONDS AUTHORIZED BY THIS ACT ARE
OUTSTANDING WITH RESPECT TO A DEVELOPMENT DISTRICT AND THE
GOVERNING BODY OF THE COUNTY OR MUNICIPALITY SO DETERMINES,
MONEYS IN THE SPECIAL FUND FOR THAT DEVELOPMENT DISTRICT
CREATED PURSUANT TO SECTION 266JJ-6(3)(II) MAY BE:

(1) USED FOR ANY OF THE PURPOSES DESCRIBED IN
SECTION 266JJ-5;

(2) ACCUMULATED FOR PAYMENT OF DEBT SERVICE ON
BONDS SUBSEQUENTLY ISSUED UNDER THIS ACT; OR

(3) USED TO PAY OR TO REIMBURSE THE COUNTY OR
MUNICIPALITY FOR DEBT SERVICE WHICH THE COUNTY OR
MUNICIPALITY IS OBLIGATED TO PAY OR HAS PAID (WHETHER SUCH
OBLIGATION IS GENERAL OR LIMITED) ON BONDS ISSUED BY THE
STATE OF MARYLAND, OR ANY AGENCY OR DEPARTMENT OF POLITICAL
SUBDIVISION THEREOF, THE PROCEEDS OF WHICH HAVE BEEN USED
FOR ANY OF THE PURPOSES SPECIFIED IN SECTION 266JJ-5.

(B) WHEN ANY BONDS AUTHORIZED BY THIS ACT ARE
OUTSTANDING WITH RESPECT TO A DEVELOPMENT DISTRICT AND THE
GOVERNING BODY OF THE COUNTY OR MUNICIPALITY SO DETERMINES,
MONEYS IN THE SPECIAL FUND FOR THAT DEVELOPMENT DISTRICT
CREATED PURSUANT TO SECTION 266JJ-6(3)(II) MAY BE USED AS
PROVIDED IN SUBSECTION (A) OF THIS SECTION IN ANY FISCAL
YEAR BY THE COUNTY OR MUNICIPALITY, BUT ONLY TO THE EXTENT
THAT:

(1) THE AMOUNT IN SUCH SPECIAL FUND EXCEEDS THE
UNPAID DEBT SERVICE PAYABLE ON SUCH BONDS IN SUCH FISCAL
YEAR; AND

(2) SUCH USE IS NOT PROHIBITED BY THE ORDINANCE
AUTHORIZING THE ISSUANCE OF SUCH BONDS.

(C) THE ISSUANCE OF GENERAL OBLIGATION BONDS PURSUANT
TO THIS SECTION SHALL COMPLY WITH APPROPRIATE COUNTY OR
MUNICIPAL CHARTER REQUIREMENTS.