§ 18.1407. Road and stormwater management facilities improvement financing program.

(a)

Program Established. A road stormwater management facilities improvement financing program is established for the purpose of financing improvements in pre-1961 platted subdivisions within Howard County.

(b)

Terms of Financing:

(1)

When construction of improvements under this subtitle is completed, reimbursement to the County shall commence as provided in the agreement under subsection 18.1406(b) of this subtitle.

(2)

The agreement shall:

(i)

Provide for reimbursement over a term of 20 years;

(ii)

Apportion the total costs of the project equally among the property owners who agree to the conditions under subsection 18.1406(b) of this subtitle; and

(iii)

Establish a mechanism for determination of the interest rate under the agreement.

(3)

The amount to be reimbursed shall be the actual audited costs of work completed, less overhead charges by the Department of Public Works or other County agencies.

(c)

Rules. The Director may establish and administer rules and procedures for the road and stormwater management financing program.

(C.B. 4, 1997)