Section 12-203 - Development district designation. - Maryland Statutes

§ 12-203. Development district designation.
 

(a)  In general.- Before issuing bonds, the governing body of the political subdivision shall: 

(1) designate by resolution a contiguous area within its jurisdiction as a development district; 

(2) receive from the Supervisor of Assessments a certification of the amount of the original assessable base, or if applicable, the adjusted assessable base; and 

(3) pledge that until the bonds are fully paid, or a longer period, the real property taxes in the development district shall be divided as follows: 

(i) the portion of the taxes that would be produced at the current tax rate on the original taxable value shall be paid to the respective taxing authorities in the same manner as taxes on other property are paid; and 

(ii) the portion of the taxes on the tax increment that normally would be paid into the general fund of the political subdivision shall be paid into the special fund established under § 12-208 of this subtitle and applied in accordance with § 12-209 of this subtitle. 

(b)  County development district overlapping municipal corporation.- The establishment by a county of a development district that is wholly or partly in a municipal corporation shall also require a resolution approving the development district by the governing body of the municipal corporation. 
 

[An. Code 1957, art. 41, § 14-206(1), (2), (3)(i), (ii); 2008, ch. 306, § 2.]