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§ 9-712. Bonds issued by municipal authorities -- Tax levy to pay interest and principal

MD Env Code § 9-712 (2019) (N/A)
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(a)    While any bonds issued under Part II of this subtitle are outstanding, the municipal authority annually shall levy a tax against all of the assessable property served within the municipality to pay the principal and interest on the bonds.

(b)    The tax shall be:

(1)    Sufficient to pay:

(i)    When due, the principal and interest on the bonds; or

(ii)    The part of the principal or interest on the bonds that is not paid for by the levy of the annual front-foot assessment under § 9-713 of this subtitle or by the service charges collected under § 9-714 of this subtitle; and

(2)    Treated the same as any other municipal tax in every respect, including as to:

(i)    Priority rights;

(ii)    Interest;

(iii)    Penalties; and

(iv)    Manner of determination, levy, and collection.

(c)    (1)    Each person involved in the levy or collection of the taxes shall perform the duties promptly and properly.

(2)    A person may not use any funds collected under this section for any purpose other than the payment of principal and interest on the bonds.

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§ 9-711. Bonds issued by municipal authorities -- In general
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§ 9-713. Bonds issued by municipal authorities -- Front-foot assessment to pay principal and interest