Section 12-210 - Special fund - Pledge of other tax revenue.
§ 12-210. Special fund - Pledge of other tax revenue.
(a) In general.-
(1) Subject to paragraph (2) of this subsection, the governing body of a political subdivision that is not the issuer may pledge under an agreement that its property taxes levied on the tax increment shall be paid into the special fund for the development district.
(2) The agreement shall:
(i) be in writing;
(ii) be executed by the governing bodies of the issuer and the political subdivision making the pledge; and
(iii) run to the benefit of and be enforceable on behalf of any bondholder.
(b) Prince George's County.- The governing body of Prince George's County may also pledge hotel rental tax revenues to the special fund.
(c) Pledge resolution or agreement.- The governing body of a political subdivision, including the issuer, may pledge by or under a resolution, including by an agreement with the issuer, as applicable, that alternative local tax revenues generated within, or that are otherwise determined to be attributable to, a development district that is a transit-oriented development or a State hospital redevelopment be paid, as provided in the resolution, into the special fund to:
(1) secure the payment of debt service on bonds or MEDCO obligations; or
(2) be applied to the other purposes stated in § 12-209 of this subtitle.
[An. Code 1957, art. 41, § 14-209; 2008, ch. 306, § 2; 2009, ch. 182, § 2; 2010, ch. 726, § 2.]