Expedited Bill No.      10-11                  

Concerning: Recordation Tax – Allocation of Revenue             

Revised: March 31, 2011 Draft No.1      

Introduced:      April 5, 2011                  

Enacted:         May 18, 2011                 

Executive:       May 31, 2011                 

Effective:        May 31, 2011                 

Sunset Date:  None                             

Ch.      8   , Laws of Mont. Co.    2011    

County Council

For Montgomery County, Maryland

By: Council President at the Request of the County Executive

AN EXPEDITED ACT to:

1)         revise the allocation of certain revenue received from the recordation tax; and

            2)         generally amend County law related to the recordation tax.

By amending

            Laws of Montgomery County 2010

            Chapter 19

Boldface Heading or defined term.

Underlining Added to existing law by original bill.

[Single boldface brackets] Deleted from existing law by original bill.

Double underlining Added by amendment.

[[Double boldface brackets]] Deleted from existing law or the bill by amendment.

*   *   *                                                  Existing law unaffected by bill.

The County Council for Montgomery County, Maryland, approves the following Act:

Sec. 1.  Chapter 19 of the Laws of Montgomery County 2010 is amended as follows:

          *        *        *

          Sec. 3.  Allocation of Revenue.  During any fiscal year that begins on or after July 1, [2011] 2012, the net revenue attributable to the increase in the rate of the recordation tax enacted in this Act must be reserved for and allocated equally to:

                    (a)     the cost of County government capital improvements; and

                    (b)     rental assistance programs for low- and moderate-income households, which must not be used to supplant any otherwise available funds.

Sec. 2.  Expedited Effective Date.

          The Council declares that this legislation is necessary for the immediate protection of the public interest.  This Act takes effect on the date when it becomes law.

Approved: