Maryland § 12-209
Full text of Maryland Maryland Code § 12-209, with citation guidance and answers to common questions.
§ 12-209.
(a) Subject to subsection (c) of this section, the special fund for the development district, the RISE zone, or the sustainable community may be used for any of the following purposes as determined by the governing body of the political subdivision:
(1) a purpose specified in § 12–207 of this subtitle;
(2) accumulated to pay debt service on bonds to be issued later;
(3) payment or reimbursement of debt service, or payments under an agreement described in subsection (b) of this section, that the political subdivision is obliged under a general or limited obligation to pay, or has paid, on or relating to bonds issued by the State, a political subdivision, or the revenue authority of Prince George’s County if the proceeds were used for a purpose specified in § 12–207 of this subtitle; or
(4) payment to the political subdivision for any other legal purpose.
(b) (1) Subject to paragraph (2) of this subsection, the political subdivision that has created a special fund for a development district, a RISE zone, or a sustainable community may pledge under an agreement that amounts deposited to the special fund shall be paid over to secure payment on MEDCO obligations.
(2) The agreement shall:
(i) be in writing;
(ii) be executed by the political subdivision making the pledge, the Maryland Economic Development Corporation, and the other persons that the governing body of the political subdivision determines; and
(iii) run to the benefit of and be enforceable on behalf of the holders of the MEDCO obligations secured by the agreement.
(c) If bonds are outstanding with respect to a development district, a RISE zone, or a sustainable community, the special fund may be used as described in subsection (a) of this section in any fiscal year only if:
(1) the balance of the special fund exceeds the unpaid debt service payable on the bonds in the fiscal year; and
(2) the special fund is not restricted so as to prohibit the use.
(d) The issuance of bonds pledging the full faith and credit of the political subdivision shall comply with appropriate county or municipal charter requirements.
Frequently Asked Questions About Maryland § 12-209
What does Maryland Code § 12-209 cover?
Section 12-209 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-209?
A common citation format is "Maryland Code § 12-209" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-209 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.