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:
May 29,2010
Effective:
May 29,2010
Sunset Date:
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ChI
--.iL,
Laws of Mont. Co.
2010
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request of the County Executive
AN EXPEDITED ACT
to:
(1)
(2)
revise the allocation of certain revenue received from the recordation tax; and
generally amend County law related to the recordation
tax,
By amending
Laws of Montgomery County 2009
Chapter 17
Laws of Montgomery County 2002
Chapter 9
Boldface
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[[Double boldface brackets]]
* *
*
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 Wlaffected 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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Sec. 3. Allocation of Revenue.
During any fiscal year that begins on or after
July 1, [2010] [[2012]] 2011, 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)
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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.
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Sec. 2. Chanter 9 of the Laws of Montgomery County 2002, as amended
by
Chanter 21 of the Laws of Montgomery County 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.
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Sec.
[[2]]~.
Expedited Effective Date.
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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.
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EXPEDITED BILL
No. 14-10
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Approved:
Nancy Floreen, Pr sident, County Council
Approved:
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This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk ofthe Council
k7h.
"/7/1t)
Date
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