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Ch. 66
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2000 LAWS OF MARYLAND
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the Mayor and City Council of Baltimore in the same manner as taxes by the Mayor
and City Council of Baltimore on all other property are paid; and
(ii) that portion of the taxes representing the levy on the tax
increment that would normally be paid to the Mayor and City Council of Baltimore
shall be paid into a special fund to be applied in accordance with the provisions of
subsection (e) of this section. This yield shall not be considered as municipal taxes for
the purposes of any constant yield tax limitation or State or local restriction. No State
real property taxes may be paid into the special fund.
(e) (1) The Mayor and City Council of Baltimore may enact an ordinance
creating a special fund described in subsection (d)(3)(ii) of this section with respect to
a development district, even though no bonds authorized by this section have been
issued by the Mayor and City Council of Baltimore with respect to that development
district or are then outstanding. The taxes allocated to such special fund by
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
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- 598 -
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