PARRIS N. GLENDENING, Governor

Ch. 625

(II) IN CARROLL COUNTY. THE PURPOSE OF THE AUTHORITY
GRANTED UNDER PARAGRAPH (11 OF THIS SUBSECTION IS LIMITED TO PROVIDING
FINANCING. REFINANCING. OR REIMBURSEMENT FOR THE COST OF THE DESIGN.
CONSTRUCTION. ESTABLISHMENT. EXTENSION, ALTERATION. OR ACQUISITION OF
ADEQUATE SEWERS IN CARROLL COUNTY ELECTION DISTRICT 6. PRECINCT 1.

(3) A LAW ENACTED BY ANNE ARUNDEL COUNTY UNDER THE
AUTHORITY OF THIS SECTION:

(I) SHALL SPECIFY THE TYPES OF INFRASTRUCTURE AND
RELATED COSTS THAT MAY BE FINANCED;

(II) SHALL REQUIRE:

1.       REASONABLE DISCLOSURE IN THE REAL ESTATE
CONTRACT TO BUYERS OF REAL PROPERTY WITHIN A SPECIAL TAXING DISTRICT OF
ANY SPECIAL ASSESSMENT. SPECIAL TAX. OR OTHER FEE OR CHARGE FOR WHICH
THE BUYER WOULD BE LIABLE DUE TO THE SPECIAL TAXING DISTRICT:

2.       THAT A SELLER'S FAILURE TO PROVIDE THE DISCLOSURE
REQUIRED UNDER SUBITEM 1 OF THIS ITEM RENDERS THE CONTRACT VOIDABLE
AT THE OPTION OF THE BUYER BEFORE THE DATE OF SETTLEMENT: AND

3.       THAT ADEQUATE DEBT SERVICE RESERVE FUNDS BE
MAINTAINED;

(III) MAY NOT ALLOW:

1. ACCELERATION OF ASSESSMENTS OR TAXES BY REASON
OF BOND DEFAULT; OR

2. AN INCREASE IN THE MAXIMUM SPECIAL ASSESSMENTS.
SPECIAL TAXES. OR OTHER FEES OR CHARGES APPLICABLE TO ANY INDIVIDUAL
PROPERTY IN THE EVENT THAT OTHER PROPERTY OWNERS BECOME DELINQUENT
IN THE PAYMENT OF A SPECIAL ASSESSMENT. SPECIAL TAX. OR OTHER FEE OR
CHARGE SECURING SPECIAL OBLIGATION DEBT ISSUED UNDER THIS SECTION; AND

(IV) MAY PROVIDE:

1. FOR EXEMPTIONS. DEFERRALS. AND CREDITS; AND

2. THAT A LIEN ATTACHES TO PROPERTY WITHIN A SPECIAL
TAXING DISTRICT TO THE EXTENT OF THAT PROPERTY OWNER'S OBLIGATION
UNDER ANY SPECIAL TAXING DISTRICT FINANCING.

Article 16 - Montgomery County

20A-1.

(d) (1) Prior to the issuance of debt under this section, the County shall notify
and consult with those organizations that rate the County's general obligation bonds in an
effort to ensure, to the extent reasonably possible, that the County's general obligation
bond ratings will not be adversely affected by the issuance of the special obligation debt.

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