§ 21-412. Special fund

Latest version.

   (a) Special fund required. -- By resolution, the governing body of a municipality:

   (1) may designate an area as a special taxing district; and

   (2) shall create a special fund with respect to the special taxing district.

(b) Pledge of taxes to special fund. -- A resolution creating a special fund under subsection (a) of this section shall:

   (1) pledge to the special fund the proceeds of the ad valorem or special tax to be imposed as provided under § 21-414 of this subtitle; and

   (2) require that the proceeds from the tax be paid into the special fund.

HISTORY: An. Code 1957, art. 23A, § 44A(e)(1)(i)1, 2, (2); 2013, ch. 119, § 2.

                    
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