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Ch. 586
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2002 LAWS OF MARYLAND
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2. SUBJECT TO THE SAME PENALTIES AND THE SAME
PROCEDURE, SALE, AND LIEN PRIORITY IN CASE OF DELINQUENCY AS PROVIDED IN
GENERAL AD VALOREM TAXES.
(V) 1. THE FAIR SHARE SCHOOL CONSTRUCTION EXCISE
TAX SHALL BE COLLECTED ANNUALLY OVER A PERIOD OF 10 YEARS AT LEVEL
AMORTIZED PAYMENTS OF PRINCIPAL AND INTEREST.
2. THE RATE OF INTEREST PAYABLE BY A PROPERTY OWNER
SHALL BE SET AT THE RATE OF INTEREST PAID BY THE COUNTY ON THE NEW
SCHOOL CAPACITY CONSTRUCTION BONDS ISSUED IN THE FIRST YEAR THE EXCISE
TAX IS LEVIED ON THAT PROPERTY OWNER.
(V) (VI) THE FAIR SHARE SCHOOL CONSTRUCTION EXCISE TAX
SHALL CONSTITUTE A LIEN ON ALL TAXABLE REAL OR PERSONAL PROPERTY OF THE
TAXPAYER FOR A PERIOD OF 10 YEARS OR UNTIL THE LIEN IS SATISFIED BY
REPAYMENT.
(VI) (VII) 1. THE REVENUES FROM THE FAIR SHARE SCHOOL
CONSTRUCTION EXCISE TAX SHALL BE USED TO PAY THE PRINCIPAL AND INTEREST
AS IT BECOMES DUE ON THE NEW SCHOOL CAPACITY CONSTRUCTION BONDS ISSUED
UNDER PARAGRAPH (2) OF THIS SUBSECTION.
2. IF REVENUES FROM THE FAIR SHARE SCHOOL
CONSTRUCTION EXCISE TAX ARE INSUFFICIENT TO PAY THE PRINCIPAL, INTEREST,
AND PREMIUM ON THE NEW SCHOOL CAPACITY CONSTRUCTION BONDS, THE
COUNTY COMMISSIONERS MAY IMPOSE AN AD VALOREM TAX ON ALL ASSESSABLE
PROPERTY WITHIN THE COUNTY AT A RATE SUFFICIENT TO PROVIDE FOR THE
PAYMENTS ON THE BONDS.
3. IF THE REVENUES FROM THE AD VALOREM TAX IMPOSED
UNDER SUB PARAGRAPH 3 OF THIS PARAGRAPH ARE INSUFFICIENT TO PAY THE
PRINCIPAL AND INTEREST ON THE NEW SCHOOL CAPACITY CONSTRUCTION BONDS,
THE COUNTY COMMISSIONERS MAY IMPOSE ADDITIONAL TAXES AT A RATE
SUFFICIENT TO PROVIDE FOR THE PAYMENTS ON THE BONDS.
(VII) (VIII) THE COUNTY COMMISSIONERS SHALL CONDUCT AN
ANNUAL STUDY TO DETERMINE THE CURRENT AMOUNT OF ALL COUNTY COSTS AND
THE CURRENT PUPIL GENERATION RATE BY DWELLING TYPE IN THE COUNTY
BEFORE SETTING THE RATE OF THE FAIR SHARE SCHOOL CONSTRUCTION EXCISE
TAX.
(4) THE COUNTY COMMISSIONERS SHALL HOLD A PUBLIC HEARING AND
PROVIDE REASONABLE NOTICE OF THE HEARING PRIOR TO:
(I) ISSUING NEW SCHOOL CAPACITY CONSTRUCTION BONDS; AND
(II) ENACTING AN ORDINANCE TO PROVIDE THE NECESSARY AND
APPROPRIATE PROCEDURES AND MEASURES TO IMPLEMENT THE FAIR SHARE
SCHOOL CONSTRUCTION EXCISE TAX.
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- 4264 -
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