reglab/housing_qa huggingface dataset:
MD. Economic Development Code Ann. §  12-204 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-204 - Bonds -- Authorized

    (a)    Notwithstanding any limitation of law, an issuer may issue bonds from time to time to finance the development of an industrial, commercial, or residential area.    (b)    To issue bonds under this subtitle, the governing body of a political subdivision shall adopt an ordinance that:        (1)    describes the proposed undertaking; and        (2)    states:            (i)    that the governing body has complied with §§ 12-203 and 12-208(c) and (d) of this subtitle;            (ii)    the maximum principal amount of the bonds; and            (iii)    the maximum rate of interest on the bonds.    (c)    The ordinance may specify the following for bonds issued to carry out the financing of the proposed undertaking:        (1)    the principal amount;        (2)    the rate of interest;        (3)    the manner and terms of sale;        (4)    the time of execution, issuance, and delivery;        (5)    the form and denomination;        (6)    the manner in which, and the times and places at which principal and interest shall be paid;        (7)    conditions for redemption before maturity; or        (8)    other provisions consistent with this subtitle that the governing body of the political subdivision determines are necessary or desirable.    (d)    The revenue authority of Prince George’s County may issue bonds in accordance with an ordinance adopted by the governing body of Prince George’s County.    (e)    The ordinance may specify the items listed in subsection (c) of this section or may authorize:        (1)    the finance board to specify those items by resolution or ordinance; or        (2)    the chief executive to specify those items by executive order.    (f)    (1)    Except as provided in paragraph (2) of this subsection, neither an ordinance authorizing the bonds nor an ordinance, resolution, or executive order issued, passed, or adopted under this section may be subject to referendum because of any other State or local law.        (2)    An ordinance that authorizes the pledge of the full faith and credit of a political subdivision to the payment of principal and interest on a bond is subject to any applicable right to referendum.
MD. Economic Development Code Ann. §  12-205 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-205 - Conditions of Issuance

    (a)    A bond:        (1)    may be in bearer form;        (2)    may be registrable as to principal alone or as to both principal and interest; and        (3)    is a “security” under § 8-102 of the Commercial Law Article, whether or not the bond is one of a class or series or is divisible into a class or series of instruments.    (b)    (1)    A bond shall be signed manually or in facsimile by the chief executive of the issuer.        (2)    An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.        (3)    The clerk or other similar administrative officer of the issuer shall attest to and affix to each bond the seal of the issuer.    (c)    A bond shall mature not later than 40 years after the date of issue.    (d)    (1)    The issuer may sell bonds at competitive or negotiated sale in any manner and on any terms that it considers best.        (2)    A contract to acquire property may provide that payment shall be made in bonds.        (3)    Bonds are exempt from §§ 19–205 and 19–206 of the Local Government Article.
MD. Economic Development Code Ann. §  12-206 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-206 - Payment of Bonds

    (a)    Bonds shall be payable from the special fund established under § 12–208 of this subtitle.    (b)    The governing body of the political subdivision or the issuer may:        (1)    pledge its full faith and credit or other assets and revenues to pay the bonds; and        (2)    establish a sinking fund or a debt service reserve fund for the bonds.    (c)    The assets and revenues pledged under subsection (b)(1) of this section may include any amount that the political subdivision may receive from the State under § 2–222 of the Tax – Property Article.
MD. Economic Development Code Ann. §  12-208 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-208 - Special Fund -- in General

    (a)    The governing body of a political subdivision may adopt a resolution creating a special fund for a development district, a RISE zone, or a sustainable community even though no bonds:        (1)    have been issued for the development district, the RISE zone, or the sustainable community; or        (2)    are outstanding at the time of adoption.    (b)    The taxes allocated to the special fund in accordance with § 12–203(a)(3)(ii) of this subtitle shall be deposited in the special fund while the resolution that created the special fund remains in effect.    (c)    Other than tax revenues received from residential properties in Prince George’s County, the tax collected under § 12–203(a)(3)(ii) of this subtitle is not considered a tax of the political subdivision for the purposes of any constant yield limitation or State or local restriction.    (d)    State real property taxes may not be paid into the special fund.
MD. Economic Development Code Ann. §  12-209 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-209 - Special Fund -- Uses

    (a)    Subject to subsection (c) of this section, the special fund for the development district, the RISE zone, or the sustainable community may be used for any of the following purposes as determined by the governing body of the political subdivision:        (1)    a purpose specified in § 12–207 of this subtitle;        (2)    accumulated to pay debt service on bonds to be issued later;        (3)    payment or reimbursement of debt service, or payments under an agreement described in subsection (b) of this section, that the political subdivision is obliged under a general or limited obligation to pay, or has paid, on or relating to bonds issued by the State, a political subdivision, or the revenue authority of Prince George’s County if the proceeds were used for a purpose specified in § 12–207 of this subtitle; or        (4)    payment to the political subdivision for any other legal purpose.    (b)    (1)    Subject to paragraph (2) of this subsection, the political subdivision that has created a special fund for a development district, a RISE zone, or a sustainable community may pledge under an agreement that amounts deposited to the special fund shall be paid over to secure payment on MEDCO obligations.        (2)    The agreement shall:            (i)    be in writing;            (ii)    be executed by the political subdivision making the pledge, the Maryland Economic Development Corporation, and the other persons that the governing body of the political subdivision determines; and            (iii)    run to the benefit of and be enforceable on behalf of the holders of the MEDCO obligations secured by the agreement.    (c)    If bonds are outstanding with respect to a development district, a RISE zone, or a sustainable community, the special fund may be used as described in subsection (a) of this section in any fiscal year only if:        (1)    the balance of the special fund exceeds the unpaid debt service payable on the bonds in the fiscal year; and        (2)    the special fund is not restricted so as to prohibit the use.    (d)    The issuance of bonds pledging the full faith and credit of the political subdivision shall comply with appropriate county or municipal charter requirements.
MD. Economic Development Code Ann. §  12-210 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-210 - Special Fund -- Pledge of Other Tax Revenue

    (a)    (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, a RISE zone, or a sustainable community.        (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.        (3)    (i)    This paragraph applies only in Prince George’s County.            (ii)    Subject to § 18–310 of the Land Use Article, the Maryland–National Capital Park and Planning Commission may enter into an agreement with Prince George’s County to pay all or a portion of the property taxes levied by the county under §§ 18–304, 18–306, and 18–307 of the Land Use Article on the tax increment in an extraordinary development district in the county to the county for deposit into a special fund for the extraordinary development district.            (iii)    The agreement authorized under subparagraph (ii) of this paragraph shall:                1.    be in writing; and                2.    be executed by the governing body of Prince George’s County and, on proper authorization, the Maryland–National Capital Park and Planning Commission.            (iv)    The Maryland–National Capital Park and Planning Commission may not be an obligor for any bonds issued by Prince George’s County for an extraordinary development district.    (b)    The governing body of Prince George’s County may also pledge hotel rental tax revenues to the special fund.    (c)    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, a RISE zone, a sustainable community, 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.
MD. Economic Development Code Ann. §  12-211 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-211 - Tax Status

    (a)    The principal amount of bonds, interest payable on bonds, the transfer of bonds, and income from bonds, including profit made in the sale or transfer of bonds, are exempt from State and local taxes.    (b)    If a political subdivision leases as a lessor its property within a development district, a RISE zone, or a sustainable community:        (1)    the property shall be assessed and taxed in the same manner as privately owned property; and        (2)    the lease shall require the lessee to pay taxes or payments in lieu of taxes on the assessed value of the entire property and not only on the assessed value of the leasehold interest.
MD. Economic Development Code Ann. §  12-212 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-212 - Eminent Domain

    This subtitle does not authorize a county or a municipal corporation to acquire property by eminent domain.
MD. Economic Development Code Ann. §  12-213 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 2 - Tax Increment Financing Act|Section 12-213 - Short Title

    This subtitle may be cited as the Tax Increment Financing Act.
MD. Economic Development Code Ann. §  12-301 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-301 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Bond” means a bond, note, or other similar instrument that a political subdivision issues under this subtitle.    (c)    “Chief executive” means the president, chair, mayor, county executive, or any other chief executive officer of a political subdivision.    (d)    “Designated blighted area” means an area designated under § 12-303 of this subtitle.    (e)    “Financed area” means the geographic portion of a designated blighted area for which the proceeds of a bond are to be used under § 12-303 of this subtitle.    (f)    “Political subdivision” means a county or municipal corporation.
MD. Economic Development Code Ann. §  12-302 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-302 - Ordinance or Resolution

    (a)    To issue a bond, a political subdivision shall adopt an ordinance or resolution that:        (1)    describes the proposed undertaking to be financed by the bond proceeds;        (2)    requires compliance with § 12-303 of this subtitle before the bond is issued; and        (3)    specifies the maximum principal amount of the bond.    (b)    As the political subdivision considers appropriate to effect the financing of the proposed undertaking, the ordinance or resolution may:        (1)    specify the items listed in subsection (c) of this section;        (2)    authorize the finance board of the political subdivision to specify those items by resolution or ordinance; or        (3)    authorize the chief executive of the political subdivision to specify those items by executive order.    (c)    For each issuance of a bond, the political subdivision may specify:        (1)    the principal amount;        (2)    the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;        (3)    the manner and terms of sale, including whether by competitive or negotiated sale;        (4)    the time of execution, issuance, and delivery;        (5)    the form and denomination;        (6)    the source, manner, times, and places to pay principal or interest;        (7)    conditions for redemption before maturity;        (8)    the actions taken to comply with § 12-307 of this subtitle;        (9)    the purposes for which proceeds may be spent;        (10)    the source of security; and        (11)    other provisions that the governing body of the political subdivision determines are necessary or desirable to effect the financing of the proposed undertaking.
MD. Economic Development Code Ann. §  12-303 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-303 - Designation of Blighted Area

    (a)    Before a political subdivision issues a bond, the political subdivision shall pass an ordinance or administrative resolution that:        (1)    designates an area in the political subdivision as a designated blighted area based on the substantial presence of:            (i)    excessive vacant land on which structures were previously located;            (ii)    abandoned or vacant buildings;            (iii)    substandard structures;            (iv)    delinquencies in real property tax payments; or            (v)    similar factors that the political subdivision determines indicate blight;        (2)    designates the financed area for which the proceeds of the bond are to be used; and        (3)    adopts a redevelopment plan for the designated blighted area.    (b)    (1)    Before a county may designate a blighted area or financed area that lies wholly or partly in a municipal corporation, the municipal corporation shall consent to the designation of the part of the area that is within the municipal corporation.        (2)    Before a municipal corporation may designate a blighted area or financed area, the county that contains the area shall consent to the designation.        (3)    Consent under this subsection shall be made by ordinance or administrative resolution.    (c)    A political subdivision that issues a bond as a qualified redevelopment bond under the Internal Revenue Code shall comply with federal law in determining:        (1)    the designated blighted area and the financed area to which the bond relates; and        (2)    any other designated blighted areas in the political subdivision.
MD. Economic Development Code Ann. §  12-304 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-304 - Authority to Issue Bonds

    (a)    The General Assembly intends that general obligation debt may be incurred by issuing bonds if the purposes for the debt include the purposes for issuing bonds under this subtitle.    (b)    Subject to subsections (c) and (d) of this section, a political subdivision may issue bonds to finance the redevelopment of a designated blighted area in accordance with the procedures of the political subdivision for authorization to sell and issue bonds.    (c)    A bond issued in accordance with an ordinance or resolution that pledges the full faith and credit of a political subdivision is subject to:        (1)    any applicable requirements of the Constitution and the political subdivision’s charter and laws on referendum for the issuance of general obligation debt; and        (2)    each limitation imposed by public general law, public local law, or charter on general obligation debt of the political subdivision.    (d)    (1)    This subsection does not apply to a county that is a charter county, as defined in § 1–101 of the Local Government Article, or a code county, as defined in § 1–101 of the Local Government Article.        (2)    A county may not issue bonds that are secured by the full faith and credit of the county unless the amount of bonds to be issued by the county under this subtitle is first authorized by the General Assembly.
MD. Economic Development Code Ann. §  12-305 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-305 - Security for Bonds

    (a)    Except as provided in subsection (b) of this section, the ordinance or resolution described in § 12-303 of this subtitle may provide that a bond may be secured and made payable from any combination of:        (1)    a pledge of the full faith and credit of the political subdivision and payable by taxes of general applicability;        (2)    an increase in real property tax revenues that is attributable to increases in assessed value in designated blighted areas resulting from carrying out the purposes for which the bond is issued;        (3)    revenues of the project or undertaking for which the bond is issued;        (4)    proceeds of bonds; or        (5)    other money that may be legally made available to pay the bond.    (b)    A bond issued by Baltimore City may not be secured under subsection (a)(2) of this section.
MD. Economic Development Code Ann. §  12-306 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-306 - Allowable Expenditures

    (a)    The ordinance or resolution described in § 12-308 of this subtitle may provide that bond proceeds may be spent on any combination of:        (1)    the following redevelopment purposes in a designated blighted area:            (i)    acquisition of real property by the political subdivision;            (ii)    clearing and preparing the real property;            (iii)    rehabilitating the real property; and            (iv)    relocating occupants of the real property;        (2)    other purposes that the local jurisdiction determines to be incidental, necessary, or appropriate to the redevelopment of the designated blighted area, including construction of new structures or the enlargement of existing structures; and        (3)    expenses of preparing, printing, selling, and issuing bonds, and funding reserves and interest on the bonds, in the amounts and for the time that the political subdivision considers reasonable.    (b)    Subject to subsection (c) of this section, money from the federal government, the State, or otherwise legally available for the purposes described in subsection (a) of this section may be spent for any of those purposes.    (c)    Expenditures under this section shall first be authorized in accordance with applicable laws.
MD. Economic Development Code Ann. §  12-307 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 12 - Local Development Authorities and Resources|Subtitle 3 - Redevelopment Bonds|Section 12-307 - Agreements Between Political Subdivisions

    (a)    By written agreement with the issuer of a bond, a political subdivision that is not the issuer may:        (1)    pledge to the payment of the bond any real property tax revenues attributable to increases in assessed value increase of property in designated blighted areas resulting from carrying out the purposes for which the bond is issued; and        (2)    make covenants about real property taxes and other charges in a designated blighted area as it considers appropriate.    (b)    An agreement made under this section may be for the benefit and be enforceable on behalf of any bondholder.