Section 12-307 - Agreements between political subdivisions. - Maryland Statutes

§ 12-307. Agreements between political subdivisions.
 

(a)  In general.- By written agreement with the issuer of a bond, a political subdivision that is not the issuer may: 

(1) pledge to the payment of the bond any real property tax revenues attributable to increases in assessed value increase of property in designated blighted areas resulting from carrying out the purposes for which the bond is issued; and 

(2) make covenants about real property taxes and other charges in a designated blighted area as it considers appropriate. 

(b)  Beneficiary; enforcement.- An agreement made under this section may be for the benefit and be enforceable on behalf of any bondholder. 
 

[An. Code 1957, art. 41, § 14-806; 2008, ch. 306, § 2.]