Ch. 624

1994 LAWS OF MARYLAND

COUNCIL OF BALTIMORE, THE STATE OF MARYLAND, OR ANY AGENCY,
DEPARTMENT, OR POLITICAL SUBDIVISION THEREOF, THE PROCEEDS OF WHICH
HAVE BEEN USED FOR ANY OF THE PURPOSES SPECIFIED IN SUBSECTION (C) OF THIS
SECTION; OR

(IV) PAID TO THE MAYOR AND CITY COUNCIL OF BALTIMORE TO
PROVIDE FUNDS TO BE USED FOR ANY LEGAL PURPOSE AS MAY BE DETERMINED BY
THE MAYOR AND CITY COUNCIL OF BALTIMORE.

(3) WHEN ANY BONDS AUTHORIZED BY THIS SECTION ARE
OUTSTANDING WITH RESPECT TO A DEVELOPMENT DISTRICT AND THE MAYOR AND
CITY COUNCIL OF BALTIMORE SO DETERMINES, MONEYS IN THE SPECIAL FUND FOR
THAT DEVELOPMENT DISTRICT CREATED PURSUANT TO SUBSECTION (D)(3)(II) OF
THIS SECTION MAY BE USED AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION
IN ANY FISCAL YEAR BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, BUT ONLY
TO THE EXTENT THAT:

(I)       THE AMOUNT IN SUCH SPECIAL FUND EXCEEDS THE UNPAID
DEBT SERVICE PAYABLE ON SUCH BONDS IN SUCH FISCAL YEAR AND IS NOT
RESTRICTED SO AS TO PROHIBIT THE USE OF SUCH MONEYS; AND

(II)     SUCH USE IS NOT PROHIBITED BY THE ORDINANCE OF THE
MAYOR AND CITY COUNCIL OF BALTIMORE OR RESOLUTION OF THE BOARD OF
FINANCE AUTHORIZING THE ISSUANCE OF SUCH BONDS.

(F) (1) BEFORE ISSUING ANY BONDS UNDER THIS SECTION THE MAYOR
AND CITY COUNCIL OF BALTIMORE SHALL ENACT AN ORDINANCE WHICH:

(I)       SPECIFIES AND DESCRIBES THE PROPOSED UNDERTAKING
AND STATES THAT IT HAS COMPLIED WITH SUBSECTION (D) OF THIS SECTION; AND

(II)     SPECIFIES THE MAXIMUM PRINCIPAL AMOUNT OF BONDS TO
BE ISSUED, FROM TIME TO TIME OR AT ANY TIME, PURSUANT TO SUCH ORDINANCE.

(2)      THE ORDINANCE SHALL BE SUBMITTED TO THE LEGAL VOTERS OF
THE CITY OF BALTIMORE AT THE TIME AND PLACE SPECIFIED THEREIN. SUCH
ORDINANCE SHALL BECOME EFFECTIVE ONLY IF IT IS APPROVED BY THE MAJORITY
OF THE VOTES CAST AT THE TIME AND PLACE SPECIFIED IN SUCH ORDINANCE.
EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS SECTION MAY NOT BE CONSTRUED
AS REQUIRING THE SUBMISSION TO THE LEGAL VOTERS OF THE CITY OF
BALTIMORE OF ANY ORDINANCE CREATING A DEVELOPMENT DISTRICT PURSUANT
TO SUBSECTION (D) OF THIS SECTION.

(3)      SUCH ORDINANCE MAY SPECIFY THAT THE BONDS AUTHORIZED
THEREUNDER MAY BE ISSUED FROM TIME TO TIME OR AT ANY TIME.

.(4) SUCH ORDINANCE MAY AUTHORIZE THE MAYOR AND CITY
COUNCIL OF BALTIMORE BY ORDINANCE OR THE BOARD OF FINANCE BY
RESOLUTION TO SPECIFY AND PRESCRIBE ANY OF THE FOLLOWING AS IT DEEMS
APPROPRIATE TO AFFECT THE' FINANCING OR REFINANCING OF THE PROPOSED
UNDERTAKING:

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