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:  None                             

Ch.   19    , 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)        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 Montgomery County 2002

Chapter 9

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 17 of the Laws of Montgomery County 2009 is amended as follows:

          *        *        *

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)     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. Chapter 9 of the Laws of Montgomery County 2002, as amended by Chapter 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:

          *        *        *

Sec. 4. Allocation of Revenue

          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]] 3.  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: