WILLIAM DONALD SCHAEFER, Governor                            Ch. 612

(II) THAT A LIEN ATTACHES TO PROPERTY WITHIN A
DEVELOPMENT DISTRICT TO THE EXTENT OF THAT PROPERTY OWNER'S
OBLIGATION UNDER ANY SPECIAL OBLIGATION DEBT FINANCING.

(H) A DEVELOPMENT DISTRICT CREATED FOR PURPOSES OF DEVELOPMENT
DISTRICT FINANCING UNDER THIS SECTION SHALL TERMINATE WHEN ALL DEBT
ATTRIBUTABLE TO THE DEVELOPMENT DISTRICT IS REPAID.

(I) AN ENCUMBRANCE ON PROPERTY IN A DEVELOPMENT DISTRICT
ATTRIBUTABLE TO DEVELOPMENT DISTRICT FINANCING UNDER THIS SECTION
SHALL:

(1)      BE RECORDED IN THE LAND RECORDS OF THE COUNTY; AND

(2)      HAVE THE SAME PRIORITY AS COUNTY TAXES UNDER STATE AND
COUNTY LAW.

(J) (1) THIS SUBSECTION APPLIES ONLY TO:

(I)       A SPECIAL AD VALOREM TAX THAT IS IMPOSED TO SUPPORT
SPECIAL OBLIGATION DEBT UNDER THIS SECTION; AND

(II)     AN OWNER OF LAND IN THE DEVELOPMENT DISTRICT WHO:

1.        DID NOT APPROVE OF THE CREATION OF THE DISTRICT
UNDER SUBSECTION (F)(2) OF THIS SECTION; AND

2.        ELECTS TO DEFER SPECIAL TAXES UNDER THIS SECTION
EFFECTIVE ON THE DATE OF FINALITY NEXT FOLLOWING THE CREATION OF THE
DEVELOPMENT DISTRICT.

(2)      A PERSON WHO IS A SUCCESSOR IN INTEREST TO AN OWNER OF
LAND IN THE DEVELOPMENT DISTRICT ACQUIRES THE SAME RIGHTS AND
OBLIGATIONS UNDER THIS SUBSECTION AS THE PERSON'S PREDECESSOR IN TITLE.

(3)      (I) PAYMENT OF SPECIAL AD VALOREM TAXES UNDER THIS
SECTION SHALL BE DEFERRED UNTIL A DEVELOPMENT PLAN OR A PLAN OF
SUBDIVISION OR RESUBDIVISION IS APPROVED.

(II)     THE PROPERTY OWNER AND THE COUNTY MAY AGREE TO A
PAYMENT SCHEDULE.

(III)    DEFERRED SPECIAL TAXES SHALL BE SUBJECT TO THE
INTEREST RATE APPLICABLE BY LAW TO UNPAID COUNTY PROPERTY TAXES FOR
EACH YEAR OF THE DEFERRAL.

(IV)    PROVISIONS FOR THE DEFERRAL UNDER THIS SUBSECTION
SHALL BE INCLUDED IN THE LAW ENACTED BY THE COUNTY COUNCIL.

(K) THIS SECTION DOES NOT PROHIBIT THE COUNTY OR THE MONTGOMERY
COUNTY PLANNING BOARD FROM OBTAINING FROM DEVELOPERS APPROPRIATE
INFRASTRUCTURE CONTRIBUTIONS TO SUPPORT PROPOSED DEVELOPMENT AS
ALLOWED BY LAW IN ADDITION TO THOSE FINANCED UNDER THIS SECTION.

- 2783 -