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H.B. 335
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VETOES
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subsection (d)(3)(ii) of this section shall thereafter be paid over to such special fund,
as long as such ordinance remains in effect.
(2) When no bonds authorized by this section are outstanding with
respect to a development district and the Mayor and City Council of Baltimore by
ordinance so determines, moneys in the special fund for that development district
created pursuant to subsection (d)(3)(ii) of this section may be:
(i) used for any of the purposes described in subsection (c) of this
section;
(ii) accumulated for payment of debt service on bonds subsequently
issued under this section;
(iii) used to pay or to reimburse the Mayor and City Council of
Baltimore for debt service which the Mayor and City Council of Baltimore is obligated
to pay or has paid (whether such obligation is general or limited) on bonds issued by
the Mayor and City 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, IF SUCH BONDS CONSTITUTE DEBT OF THE MAYOR
AND CITY COUNCIL OF BALTIMORE UNDER SECTION 7 OF ARTICLE XI OF THE STATE
CONSTITUTION, shall be submitted to the legal voters of the City of Baltimore at the
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- 4408 -
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