Section 12-208 - Special fund - In general. - Maryland Statutes

§ 12-208. Special fund - In general.
 

(a)  In general.- The governing body of a political subdivision may adopt a resolution creating a special fund for a development district even though no bonds: 

(1) have been issued for the development district; or 

(2) are outstanding at the time of adoption. 

(b)  Payment of taxes into fund.- The taxes allocated to the special fund in accordance with § 12-203(a)(3)(ii) of this subtitle shall be deposited in the special fund while the resolution that created the special fund remains in effect. 

(c)  Yield not a local tax; exception.- Other than tax revenues received from residential properties in Prince George's County, the tax collected under § 12-203(a)(3)(ii) of this subtitle is not considered a tax of the political subdivision for the purposes of any constant yield limitation or State or local restriction. 

(d)  State property tax not allowed in special fund.- State real property taxes may not be paid into the special fund. 
 

[An. Code 1957, art. 41, §§ 14-206(3)(ii), 14-207; 2008, ch. 306, § 2.]