WILLIAM DONALD SCHAEFER, Governor Ch. 735

WHEREAS, The termination date for Chapter 685 has created
some uncertainties with respect to bonds that Prince George's
County or Montgomery County may wish to issue to use to fund
their stormwater management responsibilities and with respect to
taxes levied, to pay the principal and interest on the bonds;
now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 29 - Washington Suburban Sanitary District

4-111A.

ANY BONDS ISSUED BY MONTGOMERY COUNTY OR PRINCE GEORGE'S
COUNTY FOR PURPOSES OF PROVIDING FUNDS FOR STORMWATER MANAGEMENT
SHALL REMAIN VALID, BINDING, AND ENFORCEABLE IN ACCORDANCE WITH
THEIR TERMS, INCLUDING ANY PROVISION FOR A MATURITY DATE BEYOND
JUNE 30, 1990. THE RIGHTS OF THE HOLDERS OF THE BONDS AND THE
RESPONSIBILITIES AND OBLIGATIONS OF MONTGOMERY COUNTY OR PRINCE
GEORGE'S COUNTY WITH RESPECT TO THE BONDS SHALL NOT BE IMPAIRED
AND SHALL REMAIN IN FULL FORCE AND EFFECT, NOTWITHSTANDING THE
REPEAL, EXPIRATION, OR OTHER TERMINATION, SUBSEQUENT TO THE DATE
OF ISSUANCE OF THE BONDS, OF THE AUTHORITY UNDER WHICH THE BONDS
WERE ISSUED. THE RESPONSIBILITY OF MONTGOMERY COUNTY OR PRINCE
GEORGE'S COUNTY WITH RESPECT TO THE BONDS SHALL INCLUDE THE
RESPONSIBILITY TO REPAY THE BONDS AND TO LEVY TAXES FOR OR
OTHERWISE GUARANTEE THE PAYMENT OF THE BONDS.

4-112.

(A)  MONTGOMERY COUNTY AND PRINCE GEORGE'S COUNTY EACH MAY
LEVY A DIRECT AD VALOREM TAX ON ALL PROPERTY ASSESSED FOR TAX
PURPOSES WITHIN ITS STORMWATER MANAGEMENT DISTRICT, EXCEPT AS
PROVIDED IN THIS SUBTITLE, AT A RATE REQUIRED TO PRODUCE THE
AMOUNT NEEDED TO PAY FOR THE PRINCIPAL AND INTEREST WHICH SHALL
BECOME DUE AND OWING TO THE BOND HOLDERS DURING THE ENSUING YEAR
AND THE PROPORTIONATE PART OF THE PRINCIPAL OF ALL OUTSTANDING
SINKING FUND BONDS, AS DETERMINED BY THE TABLE OF REDEMPTION OF
BONDS, FOR BONDS ISSUED BY THE COUNTY FOR STORMWATER MANAGEMENT.

(B)  (1) THE TAXES AUTHORIZED BY THIS SECTION SHALL BE
LEVIED AND COLLECTED IN THE SAME MANNER, HAVE THE SAME PRIORITY,
BEAR THE SAME INTEREST, AND BE TREATED IN ALL RESPECTS AS OTHER
COUNTY TAXES.

(2) HOWEVER:

(I) NOTWITHSTANDING ANY PROVISION OF CHARTER OR
LAW, THE TAXES MAY NOT BE SUBJECT TO ANY LIMITATION ON THE TAX
RATE OR TAX REVENUES OF THE COUNTY;

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