WILLIAM DONALD SCHAEFER, Governor                           Ch. 624

(2)      RECEIVE FROM THE SUPERVISOR OF ASSESSMENTS A
CERTIFICATION AS TO THE AMOUNT OF THE ORIGINAL ASSESSABLE BASE, OR IF
APPLICABLE, THE ADJUSTED ASSESSABLE BASE; AND

(3)      PLEDGE THAT UNTIL THE BONDS HAVE BEEN FULLY PAID OR
THEREAFTER, THE PROPERTY TAXES ON REAL PROPERTY WITHIN THE
DEVELOPMENT DISTRICT SHALL BE DIVIDED AS FOLLOWS:

(I)       THAT PORTION OF THE TAXES WHICH WOULD BE PRODUCED
BY THE RATE AT WHICH TAXES LEVIED EACH YEAR BY THE MAYOR AND CITY
COUNCIL OF BALTIMORE UPON THE ORIGINAL TAXABLE VALUE SHALL BE
ALLOCATED TO AND WHEN COLLECTED PAID INTO THE FUNDS OF THE MAYOR AND
CITY COUNCIL OF BALTIMORE IN THE SAME MANNER AS TAXES BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE ON ALL OTHER PROPERTY ARE PAID; AND

(II)     THAT PORTION OF THE TAXES REPRESENTING THE LEVY ON
THE TAX INCREMENT THAT WOULD NORMALLY BE PAID TO THE MAYOR AND CITY
COUNCIL OF BALTIMORE SHALL BE PAID INTO A SPECIAL FUND TO BE APPLIED IN
ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (E) OF THIS SECTION. THIS
YIELD SHALL NOT BE CONSIDERED AS MUNICIPAL TAXES FOR THE PURPOSES OF
ANY CONSTANT YIELD TAX LIMITATION OR STATE OR LOCAL RESTRICTION. NO
STATE REAL PROPERTY TAXES MAY BE PAID INTO THE SPECIAL FUND.

(E) (1) THE MAYOR AND CITY COUNCIL OF BALTIMORE MAY ENACT AN
ORDINANCE CREATING A SPECIAL FUND DESCRIBED IN SUBSECTION (D)(3)(II) OF
THIS SECTION WITH RESPECT TO A DEVELOPMENT DISTRICT, EVEN THOUGH NO
BONDS AUTHORIZED BY THIS SECTION HAVE BEEN ISSUED BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE WITH RESPECT TO THAT DEVELOPMENT DISTRICT OR
ARE THEN OUTSTANDING. THE TAXES ALLOCATED TO SUCH SPECIAL FUND BY
SUBSECTION (D)(3)(II) OF THIS SECTION SHALL THEREAFTER BE PAID OVER TO SUCH
SPECIAL FUND, AS LONG AS SUCH ORDINANCE REMAINS IN EFFECT.

(2) WHEN NO BONDS AUTHORIZED BY THIS SECTION ARE
OUTSTANDING WITH RESPECT TO A DEVELOPMENT DISTRICT AND THE MAYOR AND
CITY COUNCIL OF BALTIMORE BY ORDINANCE SO DETERMINES, MONEYS IN THE
SPECIAL FUND FOR THAT DEVELOPMENT DISTRICT CREATED PURSUANT TO
SUBSECTION (D)(3)(II) OF THIS SECTION MAY BE:

(I)       USED FOR ANY OF THE PURPOSES DESCRIBED IN SUBSECTION
(C) OF THIS SECTION;

(II)     ACCUMULATED FOR PAYMENT OF DEBT SERVICE ON BONDS
SUBSEQUENTLY ISSUED UNDER THIS SECTION;

(III)    USED TO PAY OR TO REIMBURSE THE MAYOR AND CITY
COUNCIL OF BALTIMORE FOR DEBT SERVICE WHICH THE MAYOR AND CITY
COUNCIL OF BALTIMORE IS OBLIGATED TO PAY OR HAS PAID (WHETHER SUCH
OBLIGATION IS GENERAL OR LIMITED) ON BONDS ISSUED BY THE MAYOR AND CITY

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