Ch. 624

1994 LAWS OF MARYLAND

additional means to promote development and redevelopment within the City of
Baltimore. The counties and municipal corporations of this State, excluding the City of
Baltimore, have been previously authorized to carry out tax increment financing pursuant
to Article 41, Sections 14-202 through 14-214 of the Annotated Code of Maryland.

(b) Pursuant to Article XL Section 7 of the Constitution of Maryland, any debt of
the Mayor and City Council of Baltimore (among other requirements) must be authorized
by an Act of the General Assembly. To the extent the bonds issued pursuant to this Act
constitute debt of the Mayor and City Council of Baltimore, this Act is intended by the
General Assembly to be, and shall be, an Act of the General Assembly for purposes of
Article XI, Section 7 of the Constitution of Maryland.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Charter of Baltimore City

Article II - General Powers

The Mayor and City Council of Baltimore shall have full power and authority to
exercise all of the powers heretofore or hereafter granted to it by the Constitution of
Maryland or by any Public General or Public Local Laws of the State of Maryland; and in
particular, without limitation upon the foregoing, shall have power by ordinance, or such
other method as may be provided for in its Charter, subject to the provisions of said
Constitution and Public General Laws:

(62) TAX INCREMENT FINANCING.

(A)     TO BORROW MONEY BY ISSUING AND SELLING BONDS, AT ANY TIME AND
FROM TIME TO TIME, FOR THE PURPOSE OF FINANCING AND REFINANCING THE
DEVELOPMENT OF AN INDUSTRIAL, COMMERCIAL, OR RESIDENTIAL AREA IN
BALTIMORE CITY. SUCH BONDS SHALL BE PAYABLE FROM AND SECURED BY A
PLEDGE OF THE SPECIAL FUND DESCRIBED IN SUBSECTION (D)(3)(II) OF THIS
SECTION AND THE MAYOR AND CITY COUNCIL OF BALTIMORE MAY ALSO
ESTABLISH SINKING FUNDS, ESTABLISH DEBT SERVICE RESERVE FUNDS, OR PLEDGE
OTHER ASSETS AND REVENUES TOWARDS THE PAYMENTS OF THE PRINCIPAL AND
INTEREST, INCLUDING REVENUES RECEIVED BY THE MAYOR AND CITY COUNCIL OF
BALTIMORE PURSUANT TO A DEVELOPMENT AGREEMENT. THE MAYOR AND CITY
COUNCIL OF BALTIMORE MAY NOT PLEDGE ITS FULL FAITH AND CREDIT OR
UNLIMITED TAXING POWER TO THE PAYMENT OF SUCH BONDS.

(B)      (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED, UNLESS THE CONTEXT CLEARLY INDICATES ANOTHER OR DIFFERENT
MEANING OR INTENT:

(2) "ADJUSTED ASSESSABLE BASE" MEANS, FOR REAL PROPERTY THAT
QUALIFIES FOR FARM OR AGRICULTURAL USE UNDER § 8-209 OF THE TAX -
PROPERTY ARTICLE OF THE ANNOTATED CODE OF MARYLAND, AS AMENDED,
REPLACED, OR SUPPLEMENTED FROM TIME TO TIME, THE FAIR MARKET VALUE OF

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