Ch. 679                                    LAWS OF MARYLAND

PROPERTY WHICH WILL BE SUBJECT TO TAX, ASSESSMENT, OR CHARGE TO
PAY THE COST OF ANY PROJECT CONSIDERED AT A HEARING, ARE VALID
UNDER THE PROVISIONS OF THIS SUBSECTION. The Commission shall
dispose of the petition by written order concurred in by a
majority of the members of the Commission. The order shall be
published in the same manner as notices are required by this
section to be published. Copies shall be mailed to all of the
petitioners.

6-501.                                 

(C) (1) AS A METHOD OF FINANCING THE COST OF CONSTRUCTING A
PROJECT IN ONE OR MORE SUBDISTRICTS, THE DISTRICT MAY BORROW
MONEY FROM A BANK AND ISSUE AND DELIVER THE MONEY AS NOTES OR
BONDS OF THE DISTRICT.

(2)  THE NOTES OR BONDS ISSUED UNDER PARAGRAPH (1) OF
THIS SUBSECTION ARE OF THE DISTRICT BUT NOT GUARANTEED BY THE
COUNTY.

(3)  ALL NOTES OR BONDS ISSUED BY THE DISTRICT UNDER
PARAGRAPH (1) OF THIS SUBSECTION SHALL CONSTITUTE OBLIGATIONS OF
THE DISTRICT, WHICH THE DISTRICT SHALL PAY IN FULL.

(4)  (I) WHERE THE PROCEEDS OF A NOTE OR BOND ARE
EXPENDED FOR THE COSTS OF ONE OR MORE PROJECTS, THE COMMISSION
SHALL CREATE SEPARATE CAPITAL ACCOUNTS FOR EACH PROJECT.

                   (II) THE NOTE OR BOND PROCEEDS SHALL BE DIVIDED

AMONG THE SEPARATE CAPITAL ACCOUNTS AND THE SEPARATE COSTS OF
EACH PROJECT SHALL BE PAID FROM THE SEPARATE CAPITAL ACCOUNTS.

(III) AS EACH PROJECT IS COMPLETED, THE SPECIAL
ASSESSMENTS OR OTHER CHARGES IMPOSED OR MADE BY THE COMMISSION
SHALL BE CALCULATED TO PROVIDE A PROPORTION OF THE ANNUAL DEBT
SERVICE ON THE ISSUE OF NOTES OR BONDS EQUAL TO THE PROPORTION OF
THE PROCEEDS EXPENDED ON THE PROJECT.

6-504.

The District is not required to pay any taxes or assessments
on any project acquired, constructed, or operated under the
provisions of this title or on the income from it. The bonds OR
NOTES issued under the provisions of this title, their transfer,
and the income from them (including any profit made on their sale
by any person other than the initial purchaser) may not be taxed
by the State of Maryland or any of its political subdivisions, or
by any town or incorporated municipality or any other public
agency within the State.                         

_ 6-602.

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