PARRIS N. GLENDENING, Governor                                 Ch. 549

(I) DESIGNATE BY RESOLUTION AN AREA OR AREAS AS A SPECIAL
TAXING DISTRICT;

(II)     SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, ADOPT A
RESOLUTION CREATING A SPECIAL FUND WITH RESPECT TO THE SPECIAL TAXING
DISTRICT; AND

(III)    PROVIDE FOR THE LEVY OF AN AD VALOREM OR SPECIAL TAX
ON ALL REAL AND PERSONAL PROPERTY WITHIN THE SPECIAL TAXING DISTRICT AT
A RATE OR AMOUNT DESIGNED TO PROVIDE ADEQUATE REVENUES TO PAY THE
PRINCIPAL OF, INTEREST ON, AND REDEMPTION PREMIUM, IF ANY, ON THE BONDS,
TO REPLENISH ANY DEBT SERVICE RESERVE FUND, AND FOR ANY OTHER PURPOSE
RELATED TO THE ONGOING EXPENSES OF OR SECURITY FOR THE BONDS. AD
VALOREM TAXES SHALL BE LEVIED IN THE SAME MANNER, UPON THE SAME
ASSESSMENTS, FOR THE SAME PERIOD OR PERIODS, AND AS OF THE SAME DATE OR
DATES OF FINALITY AS ARE NOW OR MAY HEREAFTER BE PRESCRIBED FOR
GENERAL AD VALOREM TAX PURPOSES WITHIN THE DISTRICT, AND SHALL BE
DISCONTINUED WHEN ALL OF THE BONDS HAVE BEEN PAID IN FULL. SPECIAL TAXES
SHALL BE LEVIED PURSUANT TO SUBSECTION (N) OF THIS SECTION.

(2) THE RESOLUTION CREATING A SPECIAL FUND UNDER PARAGRAPH
(1)(II) OF THIS SUBSECTION SHALL:

(I) PLEDGE TO THE SPECIAL FUND THE PROCEEDS OF THE AD
VALOREM OR SPECIAL TAX TO BE LEVIED AS PROVIDED UNDER PARAGRAPH (1)(III)
OF THIS SUBSECTION; AND

(II) REQUIRE THAT THE PROCEEDS FROM THE TAX BE PAID INTO
THE SPECIAL FUND.

(F) WHEN NO BONDS AUTHORIZED BY THIS SECTION ARE OUTSTANDING
WITH RESPECT TO A SPECIAL TAXING DISTRICT, AND THE GOVERNING BODY OF
THE COUNTY SO DETERMINES, MONEYS IN THE SPECIAL FUND MAY BE PAID TO THE
GENERAL FUND OF THE COUNTY.

(G) (1) IN ORDER TO IMPLEMENT THE AUTHORITY CONFERRED UPON IT
BY THIS SECTION TO ISSUE BONDS, THE GOVERNING BODY OF THE COUNTY SHALL
ADOPT AN ORDINANCE OR RESOLUTION THAT:

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

(II)     SPECIFIES THE MAXIMUM PRINCIPAL AMOUNT OF BONDS TO
BE ISSUED;

(III)    SPECIFIES THE MAXIMUM RATE OR RATES OF INTEREST FOR
THE BONDS; AND

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