(a) Authority to impose tax; purpose. The county council is empowered and authorized to levy and impose by resolution a revenue tax on all assessable property in the county to create a special fund to be used to plan, develop, finance and cause to be operated improved transit facilities located in the county, necessary or useful in rendering transit service between points in the county, by means of rail, bus, water or air and any other mode of travel, including without limitation, tracks, rights-of-way, bridges, tunnels, subways, rolling stock for rail, motor vehicles, marine and air transportation, stations, terminals and ports, areas for parking and all equipment, fixtures, buildings and structures and services incidental to, or required in connection with the performance of transit services.
(b) Rate of tax. The rate or amount of tax shall be no less than three cents ($0.03) per one hundred dollars ($100.00) of assessed value of all assessable property within the county.
(c) Payment of proceeds into special fund; disbursements. The director of finance shall pay into a special fund in the treasury all taxes, penalties and interest collected and received by him pursuant to this section. Such proceeds shall be disbursed upon the warrant of the director only for the purposes set out in subsection (a) above or for any of the purposes set forth in chapter 870 of the Laws of Maryland 1965, as amended, including the county's obligation to the Washington Suburban Transit District under any contract or agreement between such district and the Washington Metropolitan Area Transit Authority but excluding any appropriations required to meet the administrative expenses of the district pursuant to section 15 of Chapter 870, Laws of Maryland 1965. (1967 L.M.C., Ex. Sess., ch. 4, § 1.)
