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PARRIS N. GLENDENING, Governor
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Ch. 585
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necessary, whether situated within the special taxing district or outside the special
taxing district if the infrastructure improvement is reasonably related to other
infrastructure improvements within the special taxing district, for the development
and utilization of the land, each with respect to any defined geographic region within
the county.
(3) A law enacted by Anne Arundel County under the authority of this
section:
(i) Shall specify the types of infrastructure and related costs that
may be financed;
(ii) Shall require:
1. Reasonable disclosure in the real estate contract to buyers
of real property within a special taxing district of any special assessment, special tax,
or other fee or charge for which the buyer would be liable due to the special taxing
district;
2. That a seller's failure to provide the disclosure required
under subitem 1 of this item renders the contract voidable at the option of the buyer
before the date of settlement; and
3. That adequate debt service reserve funds be maintained;
(iii) May not allow:
1. Acceleration of assessments or taxes by reason of bond
default; or
2. An increase in the maximum special assessments, special
taxes, or other fees or charges applicable to any individual property in the event that
other property owners become delinquent in the payment of a special assessment,
special tax, or other fee or charge securing special obligation debt issued under this
section; and
(iv) May provide:
1. For exemptions, deferrals, and credits; and
2. That a lien attaches to property within a special taxing
district to the extent of that property owner's obligation under any special taxing
district financing.
(4) Charles County may exercise the authority granted under this
section only in commercial or light industrial zones.
(5) PRINCE GEORGE'S COUNTY MAY EXERCISE THE AUTHORITY
GRANTED IN THIS SUBSECTION TO:
(I) LEVY HOTEL RENTAL TAXES; AND
(II) PROVIDE FINANCING, REFINANCING, OR REIMBURSEMENT FOR
THE COSTS OF:
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- 4255 -
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