Ch. 612

1994 LAWS OF MARYLAND

(F)      (1) BEFORE THE CREATION OF A NEW DEVELOPMENT DISTRICT
ESTABLISHED TO FINANCE SPECIAL OBLIGATION DEBT UNDER THIS SECTION, THE
COUNTY COUNCIL SHALL PROVIDE PUBLIC NOTICE OF THE CREATION OF THE
PROPOSED DISTRICT BY ADVERTISEMENT IN AT LEAST TWO NEWSPAPERS OF
GENERAL CIRCULATION IN THE COUNTY AND AT LEAST ONE PUBLIC HEARING.

(2) A NEW DEVELOPMENT DISTRICT MAY NOT BE CREATED TO
FINANCE SPECIAL OBLIGATION DEBT UNDER THIS SECTION UNLESS THE PROPOSED
ACTION IS APPROVED BY:

(I)       AT LEAST 80% OF THE OWNERS OF THE REAL PROPERTY
LOCATED WITHIN THE PROPOSED DEVELOPMENT DISTRICT, TREATING MULTIPLE
OWNERS OF A SINGLE PARCEL AS ONE OWNER AND TREATING A SINGLE OWNER OF
MULTIPLE PARCELS AS ONE OWNER; AND

(II)     THE OWNERS OF AT LEAST 80% OF THE ASSESSED VALUATION
OF THE REAL PROPERTY LOCATED WITHIN THE PROPOSED DEVELOPMENT
DISTRICT.

(G)     A LAW ENACTED BY THE COUNTY COUNCIL UNDER THIS SECTION:

(1)      SHALL SPECIFY THE TYPES OF INFRASTRUCTURE AND RELATED
COSTS THAT MAY BE FINANCED;

(2)      SHALL REQUIRE:

(I)       REASONABLE DISCLOSURE IN THE REAL ESTATE CONTRACT
TO BUYERS OF REAL PROPERTY WITHIN A DEVELOPMENT DISTRICT OF ANY
SPECIAL ASSESSMENT, SPECIAL TAX, OR OTHER FEE OR CHARGE FOR WHICH THE
BUYER WOULD BE LIABLE DUE TO DEVELOPMENT DISTRICT FINANCING UNDER
THIS SECTION;

(II)     THAT A SELLER'S FAILURE TO PROVIDE THE DISCLOSURE
REQUIRED UNDER ITEM (I) OF THIS PARAGRAPH RENDERS THE CONTRACT
VOIDABLE AT THE OPTION OF THE BUYER BEFORE THE DATE OF SETTLEMENT; AND

(III)    THAT ADEQUATE DEBT SERVICE RESERVE FUNDS BE
MAINTAINED;

(3)      MAY NOT ALLOW:

(I)       ACCELERATION OF ASSESSMENTS OR TAXES BY REASON OF
BOND DEFAULT; OR

(II)     AN INCREASE IN THE MAXIMUM SPECIAL ASSESSMENTS,
SPECIAL TAXES, OR OTHER FEES OR CHARGES APPLICABLE TO ANY INDIVIDUAL
PROPERTY IN THE EVENT THAT OTHER PROPERTY OWNERS BECOME DELINQUENT
IN THE PAYMENT OF A SPECIAL ASSESSMENT, SPECIAL TAX, OR OTHER FEE OR
CHARGE SECURING SPECIAL OBLIGATION DEBT ISSUED UNDER THIS SECTION; AND

(4)      MAY PROVIDE:

(I) FOR EXEMPTIONS, DEFERRALS, AND CREDITS; AND

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