Ch. 549

1995 LAWS OF MARYLAND

(I) THE OWNERS OF AT LEAST TWO-THIRDS OF THE ASSESSED
VALUATION OF THE REAL PROPERTY LOCATED WITHIN THE SPECIAL TAXING
DISTRICT; AND

(II) AT LEAST TWO-THIRDS OF THE OWNERS OF THE REAL
PROPERTY LOCATED WITHIN THE SPECIAL TAXING DISTRICT, PROVIDED THAT:

1. MULTIPLE OWNERS OF A SINGLE PARCEL ARE TREATED
AS A SINGLE OWNER; AND

2. A SINGLE OWNER OF MULTIPLE PARCELS IS TREATED AS
ONE OWNER.

(2) THIS SECTION IS SELF-EXECUTING AND DOES NOT REQUIRE THE
COUNTY TO AMEND ITS CHARTER TO EXERCISE THE POWERS GRANTED UNDER
THIS SECTION.

(D) (1) BONDS SHALL BE PAYABLE FROM THE SPECIAL FUND REQUIRED
UNDER SUBSECTION (E) OF THIS SECTION.

(2) IF THE GOVERNING BODY OF THE COUNTY ISSUES BONDS UNDER
THIS SECTION, THE GOVERNING BODY MAY ALSO:

(I)      ESTABLISH SINKING FUNDS;

(II)     ESTABLISH DEBT SERVICE RESERVE FUNDS;

(III)   PLEDGE OTHER ASSETS AND REVENUES TOWARDS THE
PAYMENTS OF THE PRINCIPAL AND INTEREST; OR

(IV)   PROVIDE FOR MUNICIPAL BOND INSURANCE OR ANY OTHER
TYPE OF FINANCIAL GUARANTY OF THE BONDS.

(3) ALL PROCEEDS RECEIVED FROM ANY BONDS ISSUED AND SOLD
SHALL BE APPLIED SOLELY TO PAY THE COST OF INFRASTRUCTURE
IMPROVEMENTS, INCLUDING:

(I) COSTS OF DESIGN, CONSTRUCTION, ESTABLISHMENT,
EXTENSION, ALTERATION, OR ACQUISITION OF INFRASTRUCTURE IMPROVEMENTS;

(II)     COSTS OF ISSUING BONDS;

(III)   PAYMENT OF THE PRINCIPAL AND INTEREST ON LOANS,
MONEY ADVANCES, OR INDEBTEDNESS INCURRED BY THE COUNTY FOR ANY OF
THE PURPOSES STATED IN SUBSECTION (B)(2) OF THIS SECTION, INCLUDING THE
REFUNDING OF BONDS PREVIOUSLY ISSUED UNDER THIS SECTION; AND

(IV)   FUNDING OF A DEBT SERVICE RESERVE FUND OR PAYMENT
OF INTEREST PRIOR TO, DURING, OR FOR A LIMITED PERIOD OF TIME AFTER
CONSTRUCTION.

(E) (1) BEFORE ISSUING THESE BONDS, THE GOVERNING BODY OF THE
COUNTY SHALL:

- 3196 -