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Ch. 80
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2000 LAWS OF MARYLAND
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7-106.
(e) For the purposes of this section, in Prince George's County and
Montgomery County, the Commission may establish in its annual budget a continuing
land acquisition revolving fund from which disbursements for the purposes of this
section shall be made, and the Commission may issue and sell serial bonds from time
to time in amounts it deems necessary for this purpose. However, in Prince George's
County the County Council shall approve the Commission's issue and sale of bonds
concerning that county. The total amount of the bonds outstanding at any time may
not exceed an amount which can be redeemed within 30 years from the date of issue
by means of a tax of [three] 1.2 cents on each $100 assessed valuation OF REAL
PROPERTY in Prince George's County and Montgomery County AND 3 CENTS ON
EACH $100 ASSESSED VALUATION OF PERSONAL PROPERTY AND OPERATING REAL
PROPERTY DESCRIBED IN § 8-109(C) OF THE TAX - PROPERTY ARTICLE; in making
such calculation, assumptions may be made as set forth in § 6-101(b) of this article.
The provisions relating to form, interest rate, sale, redemption, guarantee, and
liability contained in § 6-101 (serial bonds, notes, and other obligations) shall be
equally applicable to bonds issued pursuant to the provisions of this section.
(1) (i) The Montgomery County Council may levy against all of the
property assessed for the purposes of county taxation, annually a tax of not less than
[one cent] 0.4 CENTS or more than [three] 1.2 cents on each $100 of assessed
valuation OF REAL PROPERTY AND NOT LESS THAN 1 CENT OR MORE THAN 3 CENTS
ON EACH $100 OF ASSESSED VALUATION OF PERSONAL PROPERTY AND OPERATING
REAL PROPERTY DESCRIBED IN § 8-109(C) OF THE TAX - PROPERTY ARTICLE. The tax
shall be levied notwithstanding the fact that no interest may be due on the bonds or
notes and/or notwithstanding the fact that no bonds or notes whatever have been
issued under this title.
(ii) If a tax greater than [one cent] 0.4 CENTS ON REAL PROPERTY
OR 1 CENT ON PERSONAL PROPERTY AND OPERATING REAL PROPERTY DESCRIBED
IN § 8-109(C) OF THE TAX - PROPERTY ARTICLE is levied in any year, then thereafter
the Montgomery County Council shall continue to levy a tax sufficient to pay the
interest on the bonds as it becomes due and to pay the principal thereof as they
mature, the tax in any one year not to exceed the limit heretofore provided. The tax
need not be levied to the extent that funds are available from the sources to make the
payments in any year and have been applied to or authorized for payment by the
Commission.
(iii) Every 60 days the tax so levied and collected to date by the
county shall be remitted to the Commission. All proceeds from the tax not used for
debt service on the principal and interest of the bonds may be paid into the revolving
fund for the uses specified in this section, or for payment of debt service bonds issued
under this section. None of the provisions in this article relating to unexpended
balances apply to the land acquisition revolving fund.
(2) The Prince George's County Council shall levy an annual amount on
all property assessed for the purposes of county taxation sufficient to pay the interest
on the bond as it becomes due and to pay the principal as the bonds mature if the
Prince George's County Council has approved the issue and sale of these bonds.
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- 646 -
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