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Ch. 80
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2000 LAWS OF MARYLAND
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Article 41 - Governor - Executive and Administrative Departments
14-202.
(n) "Tax increment" means for any tax year the amount by which the
assessable base as of January 1 preceding that tax year exceeds the original taxable
value DIVIDED BY THE ASSESSMENT RATIO USED TO DETERMINE THE ORIGINAL
TAXABLE VALUE.
Article 45A - Industrial Development
2.
(a) If any county shall so provide in the ordinance or resolution, declaring a
state of acute unemployment to exist, such county shall be deemed to be authorized
and empowered, from time to time, to issue and sell bonds or other certificates of
indebtedness in connection with the borrowing by it upon its full faith and credit of
the sums necessary to make the grants authorized by § 1 of this article; provided,
however, that the total amount of bonds or other certificates of indebtedness which
may be issued and outstanding at any one time shall not exceed an amount which is
equal to [two tenths of one percent (.2%)] A TOTAL OF 0.08% of the total assessed
valuation of all REAL property within such county subject to taxation at the full
county tax rate AND 0.2% OF THE TOTAL ASSESSED VALUATION OF ALL PERSONAL
PROPERTY AND OPERATING REAL PROPERTY DESCRIBED IN § 8-109(C) OF THE TAX -
PROPERTY ARTICLE WITHIN SUCH COUNTY SUBJECT TO TAXATION AT THE FULL
COUNTY TAX RATE.
(b) The bonds hereby authorized to be issued shall be known as "industrial
development bonds" and shall bear interest at a rate not exceeding five and one-half
percent (5 1/2%), payable semiannually and shall mature serially over a period of
thirty years, the amount of maturities to be fixed by the governing body of such
county. Said bonds shall be the general obligation of the county issuing the same and
shall be exempt, both as to principal and interest, from all forms of taxation imposed
by the State, county, or municipal authorities within the State of Maryland. The form
of the bonds shall be such as may be adopted or prescribed by the governing body of
the county issuing the same. Any certificates of indebtedness, other than bonds
authorized hereby, shall bear interest at such rate as may be determined by the
governing body of the county issuing the same and shall mature at such time, or
times, not exceeding five years, as may be specified by the governing body of such
county. Such certificates of indebtedness shall be the general obligations of the county
issuing the same and shall be exempt from taxation to the same extent as the bonds
authorized hereby. It shall be no defense to a suit for collection of the principal of any
bond or other certificate of indebtedness, or for any interest accrued thereon, that an
acute unemployment state did not in fact exist as declared in the resolution or
ordinance of the county issuing such bond or certificate of indebtedness, nor shall it
be any defense to any such suit that the amount of bonds or other certificates of
indebtedness which may be issued and outstanding at any one time shall in fact
exceed [two tenths of one percentum (.2%)] A TOTAL OF 0.08% of the total assessed
value of all REAL property within such county subject to taxation at the full county tax
rate AND 0.2% OF THE TOTAL ASSESSED VALUE OF ALL PERSONAL PROPERTY AND
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- 648 -
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