§ 18-305

Maryland § 18-305

• Jurisdiction: Maryland
• Article glu: Land Use
• Title: 18

Text

(a) Whenever bonds that the Commission issues under Subtitle 2 of this title for acquisition of property in Montgomery County are sold, the Commission shall promptly certify to the county the amount of bonds issued, the rate of interest, and the maturities.

(b) The revenue from the tax under this section shall be the primary source of revenue for the payment of the principal of and interest on the bonds.

(c) While any bond is outstanding and unpaid, the county shall impose on all property in the county in the metropolitan district an annual tax in an amount sufficient to pay the principal of and interest on the bonds.

(d) The tax shall:

(1) be imposed and collected as county taxes are imposed and collected;

(2) have the same priority rights as county taxes;

(3) bear the same interest and penalties as county taxes; and

(4) be treated the same as county taxes in every other respect.

(e) Montgomery County shall:

(1) collect the tax; and

(2) remit to the Commission the tax collected every 60 days.