(a) Generally. If a special taxing district is authorized pursuant to § 4-8-102 and the County intends to issue bonds, the County Council may adopt one or more resolutions that:
(1) designate an area or areas as a special taxing district;
(2) create a special fund with respect to the special taxing district;
(3) pledge to the special fund the proceeds of the ad valorem or special tax to be levied in accordance with Local Government Article, §§ 21-501 et seq., of the State Code;
(4) require that the proceeds from the tax be paid into the special fund;
(5) specify the proposed undertaking;
(6) specify the maximum principal amount of bonds to be issued;
(7) specify the maximum rate or rates of interest for the bonds;
(8) agree to a covenant to levy on all real and personal property within the special taxing district, ad valorem taxes, or special taxes in a rate and an amount at least sufficient in each year in which any of the bonds are outstanding to provide for the payment of the principal of, the interest, and the redemption premium on the bonds and replenish any debt service fund, or for any other purposes related to the ongoing expenses of or security for the bonds;
(9) specify the following:
(i) the maximum amount to be assessed with respect to any parcel of property located within a special taxing district;
(ii) a tax year or other date after which no further special taxes shall be levied or collected on a parcel;
(iii) the circumstances under which the special tax levied against any parcel may be increased as a consequence of delinquency or default by the owner of that parcel or any other parcel within the special taxing district;
(iv) procedures allowing for the prepayment of special taxes;
(v) establishment of sinking funds;
(vi) establishment of debt service reserve funds;
(vii) pledges of other assets and revenues towards the payments of the principal and interest; and
(viii) provision for municipal bond insurance or any other type of financial guaranty of the bonds; and
(10) provide for any other matters not inconsistent with Local Government Article, §§ 21-501 et seq., of the State Code, that the County Council determines necessary or desirable to effect the proposed undertaking.
(b) Permissive provisions in resolution. In addition to the authorization granted in subsection (a), the County Council may authorize the County Executive or the Controller to specify any of the following:
(1) the actual principal amount of the bonds to be issued;
(2) the actual rate or rates of interest for the bonds;
(3) the manner in which and the terms on which the bonds are to be sold;
(4) the time or times that the bonds may be executed, issued, and delivered;
(5) the form and tenor of the bonds and the denominations in which the bonds may be issued;
(6) the manner in which and the times and places that the principal of the bonds is to be paid;
(7) provisions pursuant to which any or all of the bonds may be called for redemption prior to their stated maturity dates; and
(8) any other provisions not inconsistent with Local Government Article, §§ 21-501 et seq., of the State Code, that the County Council determines necessary or desirable to effect the financing of the proposed undertaking.
(c) Approval by County Executive. Any resolution adopted pursuant to Local Government Article, §§ 21-501 et seq., of the State Code, and this title shall be approved by the County Executive before it may become effective.
(1985 Code, Art. 6, § 4A-103) (Bill No. 58-97; Bill No. 17-00)