Md. Code, Economic Development § 12-305
This is the official text of Md. Code, Economic Development § 12-305, part of Maryland’s Code, Economic Development — governs the state's economic development programs.
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§12–305.
Official statutory text
(a) Except as provided in subsection (b) of this section, the ordinance or resolution described in § 12-303 of this subtitle may provide that a bond may be secured and made payable from any combination of:
(1) a pledge of the full faith and credit of the political subdivision and payable by taxes of general applicability;
(2) an increase in real property tax revenues that is attributable to increases in assessed value in designated blighted areas resulting from carrying out the purposes for which the bond is issued;
(3) revenues of the project or undertaking for which the bond is issued;
(4) proceeds of bonds; or
(5) other money that may be legally made available to pay the bond.
(b) A bond issued by Baltimore City may not be secured under subsection (a)(2) of this section.
(1) a pledge of the full faith and credit of the political subdivision and payable by taxes of general applicability;
(2) an increase in real property tax revenues that is attributable to increases in assessed value in designated blighted areas resulting from carrying out the purposes for which the bond is issued;
(3) revenues of the project or undertaking for which the bond is issued;
(4) proceeds of bonds; or
(5) other money that may be legally made available to pay the bond.
(b) A bond issued by Baltimore City may not be secured under subsection (a)(2) of this section.
Status: in_force · Read it on the official government site
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