§ 12-305
137 words·~1 min read·
/md/economic-development/12-305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–305.
(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.