Ch. 612

1994 LAWS OF MARYLAND

any premium for the obligations shall be paid from certain revenues; providing that
the obligations may not constitute a general obligation debt of the county or a
pledge of the county's full faith and credit or taxing power; providing that the
obligations are not subject to certain requirements; providing that the bonds and
other obligations are exempt from State and local taxation; providing certain
limitations on the issuance of special obligation debt; authorizing the county to
provide for exemptions, deferrals, and credits in connection with special obligation
debt; providing for the creation and priority of certain liens; and generally relating
to the authority of Montgomery County to issue special obligation debt for certain
purposes.

BY adding to

The Public Local Laws of Montgomery County

Section 20A-1 to be under the new chapter "Chapter 20A. Special Obligation Debt"

Article 16 - Public Local Laws of Maryland

(1984 Edition and May, 1993 Supplement, as amended)?

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

Article 16 - Montgomery County

CHAPTER 20A. SPECIAL OBLIGATION DEBT
20A-1.

(A)     (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2)      "COSTS" MEANS ANY EXPENSE NECESSARY OR INCIDENT TO
BUILDING, ACQUIRING, OR FINANCING ANY PUBLIC INFRASTRUCTURE
IMPROVEMENT.

(3)      "DEVELOPMENT DISTRICT" MEANS A SPECIAL TAXING DISTRICT OR
SPECIAL ASSESSMENT DISTRICT THAT:

(I) IS CREATED TO FACILITATE FINANCING UNDER THIS SECTION
FOR THE COSTS OF PUBLIC INFRASTRUCTURE TO SERVE PROPOSED:

1.        NEW DEVELOPMENT; OR

2.        REDEVELOPMENT OF COMMERCIAL OR INDUSTRIAL
PROPERTIES; AND

(II) THE COUNTY COUNCIL DESIGNATES AS A DEVELOPMENT
DISTRICT.                 

(B)      SUBJECT TO THE LIMITATIONS UNDER THIS, SECTION, THE COUNTY
COUNCIL MAY ENACT A LAW TO PROVIDE FOR THE ISSUANCE OF BONDS OR OTHER
OBLIGATIONS TO FINANCE THE COSTS OF PUBLIC INFRASTRUCTURE FOR A

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