352

LAWS OF MARYLAND

Ch. 8

(B)  AMOUNT.

THE PROPERTY TAX CREDIT UNDER THIS SECTION SHALL BE 100% OF
THE COUNTY OR MUNICIPAL CORPORATION PROPERTY TAX AGAINST THE
PROPERTY DESCRIBED IN SUBSECTION (A) OF THIS SECTION.

(C)  DURATION.

(1)  A PROPERTY TAX CREDIT MAY BE GRANTED FOR ANY
FISCAL YEAR THAT THE RAILROAD COMPANY PROVIDES FREIGHT SERVICE IN
THE COUNTY OR MUNICIPAL CORPORATION UNDER A CONTRACT BETWEEN THE
RAILROAD COMPANY OR ITS TRUSTEES AND:

(I)  THE COUNTY OR MUNICIPAL CORPORATION;

(II)  AN INDUSTRIAL DEVELOPMENT CORPORATION; OR

(III)  A PRIVATE SHIPPERS ASSOCIATION.

(2)  UNDER A FORMULA THAT REDUCES THE OBLIGATION
BECAUSE OF THE PROPERTY TAX CREDIT PROVIDED UNDER THIS SECTION, A
CONTRACT UNDER PARAGRAPH (1) OF THIS SUBSECTION SHALL INCLUDE A
PROVISION THAT OBLIGATES THE COUNTY OR MUNICIPAL CORPORATION, THE
INDUSTRIAL DEVELOPMENT CORPORATION, OR THE PRIVATE SHIPPERS
ASSOCIATION:

1.  TO SUPPLEMENT THE REVENUES OF THE
RAILROAD COMPANY; OR

2.  TO CONTRIBUTE TO THE RESTORATION OR
MAINTENANCE OF THE OPERATING PROPERTY.

(3)  A PROPERTY TAX CREDIT GRANTED UNDER THIS SECTION
MAY BE EFFECTIVE FOR THE 3 FISCAL YEARS IMMEDIATELY BEFORE THE
FISCAL YEAR FOR WHICH THE TAX CREDIT IS SOUGHT.

(4)  A PROPERTY TAX CREDIT GRANTED UNDER THIS SECTION
SHALL CONTINUE FROM YEAR TO YEAR UNTIL THE PROPERTY IS CONVEYED.

(D)  REGULATIONS.

THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE
APPROPRIATE GOVERNING BODY MAY ADOPT REGULATIONS NECESSARY TO
CARRY OUT THIS SECTION.

(E)  ADMINISTRATOR.

THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR EACH
GOVERNING BODY SHALL DESIGNATE THE ADMINISTRATIVE UNIT OR
OFFICIAL TO ADMINISTER THE PROPERTY TAX CREDIT GRANTED UNDER THIS
SECTION.

(F) NOTICE.