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(a) Required provisions. An ordinance establishing a special taxing district shall include a description of the area to be included in the district; the types of infrastructure and related costs that are intended to be funded; the following items that are to be made part of each contract of sale for real property located in a district: reasonable disclosure of any special assessments, special taxes, or other fees or charges for which a buyer will be liable due to the special taxing district and that the seller's failure to provide disclosure in the form required shall render the contract of sale voidable at the option of the buyer before the date of settlement; and a requirement that adequate debt service reserve funds be maintained.
(b) Prohibited provisions. An ordinance establishing a special taxing district may not allow acceleration of assessments or taxes by reason of bond default or an increase in the maximum special assessments, special taxes, or other fees or charges applicable to an individual property if any other property owner becomes delinquent in the payment of special assessment, special tax, or other fee or charge securing special obligation debt issued under this section.
(c) Permissive provisions. An ordinance establishing a special taxing district may provide for exemption, deferrals, and credits; that a lien shall attach to each property within a special taxing district to the extent of a property owner's obligation under any special taxing district financing; and for the reimbursement to the County of its expenses to administer the special fund in each special tax district.
(1985 Code, Art. 6, § 4A-102) (Bill No. 58-97; Bill No. 23-04)