(a) The resolution creating a special fund under Section 14-9 must:
(1) pledge to the special fund the proceeds of any special assessment, special tax, fee, or charge levied under Section 14-10; and
(2) require that proceeds from any special tax, special assessment, fee, or charge be paid into the special fund.
(b) When any bonds authorized by this Chapter with respect to a development district are outstanding, the County has not been reimbursed for the cost of any infrastructure improvement funded or reimbursed by the County, or the cost of any infrastructure improvement to be paid by the County directly from special assessments or special taxes have not been paid, funds in the special fund must be used in any fiscal year to pay the principal of, interest on, and redemption premium, if any, on the bonds, to pay or reimburse the County for infrastructure improvements, to pay administrative expenses, and to replenish any debt service reserve fund established with respect to the bonds.
(c) After the bonds authorized by this Chapter with respect to a development district are fully paid, the County has been reimbursed for the cost of any infrastructure improvement funded or reimbursed by the County, and the cost of any infrastructure improvement to be paid by the County directly from special assessments or special taxes has been paid, further special assessments, special taxes, fees, or charges must not be levied and the district terminates by operation of law. If the Council so determines, any balance in the special fund must be paid to the general fund of the County. (1994 L.M.C., ch. 12, § 1; , § 1.)
Editor’s note —2008 L.M.C., ch. 34, took effect on January 26, 2009.
(a) Any amendment to County Code Chapter 14 made in Section 1 of this Act applies to any action taken after this Act take effect.
(b) Any amendment to County Code Chapter 14 made in Section 1 of this Act does not alter or affect any Council resolution adopted, or other action taken with respect to a development district, before this Act takes effect.
(c) Any amendment to County Code Chapter 14 made in Section 1 of this Act does not indicate that the previous version of a provision amended by Section 1 of this Act should be interpreted differently from the same provision as amended by Section 1 of this Act.
(d) Any notice or disclosure requirement in Section 14-17, as amended by Section 1 of this Act, applies to any sale contract signed, and any sales material or advertisement for sale disseminated, after this Act takes effect in any development district created, and in any proposed development district for which the Council adopted a resolution under Section 14-6, after January 1, 2001.
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