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2463
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HARRY HUGHES, Governor
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(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] OR political subdivision thereof, the
proceeds of which have been used for any of the purposes
specified in Section 266JJ-5; OR
(4) PAID TO THE COUNTY OR MUNICIPALITY TO PROVIDE
FUNDS TO BE USED FOR ANY LEGAL PURPOSE. AS MAY BE DETERMINED BY
THE COUNTY OR MUNICIPALITY.
(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
IS NOT RESTRICTED SO AS TO PROHIBIT THE USE OF SUCH MONEYS; 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.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
apply to any development district and special fund created prior
to July 1, 1983.
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SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983. 1983 , contingent upon the taking effect
of Chapter ___ of the Acts of ___ (HB 904), and if
Chapter ___ (HB 904) does not become effective this Act shall be
null and void without the necessity of further action by the
General Assembly.
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