ROBERT L. EHRLICH, JR., Governor                            Ch. 405

industrial, commercial, or residential area in Baltimore City. Such bonds shall be
payable from and secured by a pledge of the special fund described in subsection
(d)(3)(ii) of this section and the Mayor and City Council of Baltimore may also
establish sinking funds, establish debt service reserve funds, or pledge other assets
and revenues towards the payments of the principal and interest, including revenues
received by the Mayor and City Council of Baltimore pursuant to a development
agreement.

(2) (i) In lieu of the pledges set forth in paragraph (1) of this
subsection, the authorizing ordinance or trust agreement, subject to subparagraphs
(ii) and (iii) of this paragraph, may pledge or assign:

1.       all or any part of that portion of the revenues and receipts
from the taxes representing the levy on the tax increment that would normally be
paid to the Mayor and City Council of Baltimore to the payment of such principal and
interest;

2.       the special fund described in subsection (d)(3)(ii) of this
section and any other fund into which all or any part of such revenues and receipts
are deposited after such revenues and receipts are appropriated by the Mayor and
City Council of Baltimore to the payment of such principal and interest; and

3.       any other assets and revenues of the Mayor and City
Council of Baltimore.

(ii) The revenues and receipts may not be irrevocably pledged to the
payment of such principal and interest and the obligations to pay such principal and
interest from such revenues and receipts shall be subject to annual appropriation by
the Mayor and City Council of Baltimore.

(iii) The Mayor and City Council of Baltimore may not pledge its full
faith and credit or unlimited taxing power to the payment of such bonds.

(b) (1) In this section the following words have the meanings indicated,
unless the context clearly indicates another or different meaning or intent:

(2) "ABANDONED PROPERTY" HAS THE MEANING STATED IN § 21-17(A)
OF THE PUBLIC LOCAL LAWS OF BALTIMORE CITY.

[(2)] (3) "Adjusted assessable base" means, for real property that
qualifies for farm or agricultural use under § 8-209 of the Tax - Property Article of
the Annotated Code of Maryland, as amended, replaced, or supplemented from time
to time, the fair market value of the property without regard to its agricultural use
assessment as of January 1 of that year preceding the effective date of the ordinance
creating the development district under subsection (d) of this section.

(4) "AFFORDABLE HOUSING" MEANS HOUSING THAT IS AFFORDABLE TO
HOUSEHOLDS WITH INCOMES UP TO 115% OF THE REGIONAL MEDIAN INCOME.

[(3)] (5) "Assessable base" means the total assessable base of all real
property in a development district subject to taxation as determined by the
Supervisor of Assessments.

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