Ch. 613

1997 LAWS OF MARYLAND

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

The Charter of Baltimore City

Article II - General Powers

The Mayor and City Council of Baltimore shall have full power and authority to
exercise all of the powers heretofore or hereafter granted to it by the Constitution of
Maryland or by any Public General or Public Local Laws of the State of Maryland; and in
particular, without limitation upon the foregoing, shall have power by ordinance, or such
other method as may be provided for in its Charter, subject to the provisions of said
Constitution and Public General Laws:

(40) (e) (1) Notwithstanding subsection (a) of this section, for [Fiscal Year
1997] ANY FISCAL YEAR BEGINNING BEFORE JULY 1, 2002, the rate of any hotel room
tax imposed by the Mayor and City Council of Baltimore may not exceed 7.5%.

(2)     FOR EACH FISCAL YEAR BEGINNING ON OR AFTER JULY 1, 1997
BUT BEFORE JULY 1, 2002, THE MAYOR AND CITY COUNCIL SHALL APPROPRIATE
FROM ITS GENERAL FUND SPECIFICALLY FOR CONVENTION CENTER MARKETING
AND TOURISM PROMOTION AN AMOUNT EQUAL TO AT LEAST 40% OF THE
PROCEEDS OF ANY HOTEL ROOM TAX IMPOSED.

(3)     IF THE APPROPRIATION MADE FOR ANY FISCAL YEAR
PURSUANT TO PARAGRAPH (2) OF THIS SUBSECTION IS LESS THAN THE AMOUNT
REQUIRED WHEN COMPARED TO ACTUAL RECEIPTS FOR THE COMPLETED FISCAL
YEAR, THE DIFFERENCE SHALL BE ADDED TO THE APPROPRIATION TO BE MADE
FOR THE SECOND SUCCEEDING FISCAL YEAR. IF THE APPROPRIATION MADE FOR
ANY FISCAL YEAR PURSUANT TO PARAGRAPH (2) OF THIS SUBSECTION IS MORE
THAN THE AMOUNT REQUIRED WHEN COMPARED TO ACTUAL RECEIPTS FOR THE
COMPLETED FISCAL YEAR, THE DIFFERENCE MAY BE DELETED FROM THE
APPROPRIATION TO BE MADE FOR THE SECOND SUCCEEDING FISCAL YEAR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1997.

Approved May 22, 1997.

CHAPTER 613
(Senate Bill 650)

AN ACT concerning

Maryland Securities Act - Revision

FOR the purpose of revising the Maryland Securities Act to conform to the National
Securities Markets Improvement Act of 1996; retaining the State's jurisdiction over
certain securities; clarifying the authority of the Securities Commissioner to require

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