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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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LOCAL GOVERNMENT |
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DIVISION IV. LOCAL FINANCE |
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TITLE 21. SPECIAL TAXING DISTRICTS |
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SUBTITLE 4. MUNICIPAL SPECIAL TAXING DISTRICTS |
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PART II. MUNICIPAL SPECIAL TAXING DISTRICTS FOR INFRASTRUCTURE IMPROVEMENTS |
§ 21-415. Termination of special taxing district
Latest version.
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(a) When special taxing district to be terminated. -- A special taxing district established under this part shall be terminated if:
(1) no bonds authorized by this part are outstanding with respect to the special taxing district;
(2) no MEDCO obligations to which a municipality has pledged revenues under this part are outstanding with respect to the special taxing district; and
(3) the governing body of the municipality determines not to use money in the special fund for payment of costs of:
(i) infrastructure improvements located in or supporting a transit-oriented development or a State hospital redevelopment; or
(ii) operating and maintaining infrastructure improvements located in or supporting a transit-oriented development or a State hospital redevelopment.
(b) Payment of remaining funds to general fund of municipality. -- Any money remaining in the special fund on the date of termination of the special taxing district may be paid to the general fund of the municipality.