§ 12-305

Maryland § 12-305

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 12

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.