Expedited Bill No.
14-10
Concerning:
Recordation Tax-
Allocation of Revenue
Revised:
5-18-10
Draft No.
_2_
Introduced:
March
23.2010
Enacted:
May
19. 2010
Executive: _ _ _ _ _ _ _ _ __
Effective: _ _ _ _ _ _ _ _ __
Sunset Date: --'...!N-"'lon..:.;:e::..-_ _ _ _ __
Ch. _ _, Laws of Mont. Co. _ __
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request ofthe 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 2009
Chapter 17
Laws of Montg9merv County 2002
Chapter 9
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Heading or defined term.
Added to existing law by original bill.
Deletedfrom existing law by original bill.
Added by amendment.
Deletedfrom existing law or the bill by amendment.
Existing law unaffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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EXPEDITED BILL NO.
14-10
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Sec.
1.
Chapter 17 of the Laws of Montgomery County 2009 is amended
as follows:
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July 1, [2010] [[2012]]
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Sec. 3. Allocation of Revenue. During any fiscal year that begins on or after
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
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(b) rental assistance programs for low- and moderate-income households,
which must not be used to supplant any otherwise available funds.
Sec. 2. Chapter 9 of the Laws of Montgomery County 2002, as amended
by Chapter 21 of the Laws of Montgomery Countv 2003, and further
amended by Chapter 33 of the Laws of Montgomery County 2003, is further
amended as follows:
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Sec. 4. Allocation of Revenue
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During any fiscal year that begins on or after July 1,2004, except a fiscal year
that begins on July 1. 2010. the net revenue attributable to the increase in the rate of
the recordation
tax
enacted in this Act must be reserved for and allocated to the cost
of capital improvements to schools and educational technology for Montgomery
College in the form of debt service for debt-eligible projects and current revenue for
debt-eligible or non-debt-eligible projects.
Sec. [[2]]
J.
Expedited Effective Date.
The Council declares that this legislation
IS
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necessary for the immediate
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protection of the public interest. This Act takes effect on the date when it becomes
law.
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ExPEDITED BILL NO. 14-10
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Approved:
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Nancy Floreen, Pr sident, County Council
Approved:
</z.I//lJ
Ifate
J
Isiah Leggett, County Executive
This is a correct copy ofCouncil action.
Date
Linda M. Lauer, Clerk of the Council
Date
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