§ 26.300. [Issuer fees established.]

(a)

In this subtitle, revenue bonds means bonds authorized under the Maryland Economic Development Revenue Bond Act.

(b)

(1)

Howard County may establish, by law, an issuer fee for issuing or refinancing revenue bonds pursuant to the Maryland Economic Development Revenue Bond Act.

(2)

An issuer fee established under this subsection:

(i)

May be in addition to any application fee; but

(ii)

May not exceed the limits specified in this section.

(3)

In enacting a law establishing an issuer fee, Howard County may exempt from the fee certain categories of revenue bonds.

(4)

Revenues from the issuer fee may only be used for the purposes and in the manner specified in this subtitle.

(c)

(1)

An issuer fee may not exceed:

(i)

For revenue bonds providing initial financing, an amount equal to one-eighth of one percent per annum of the outstanding principal balance of the bonds (not to exceed $10,000,000.00), discounted at the bond yield to the date of issue of the bonds; or

(ii)

For revenue bonds used to refund existing revenue bonds one-fourth of one percent of the principal amount of the bonds.

(2)

The issuer fee may not exceed an amount that is in excess of the amount allowed under the arbitrage limitations under the Internal Revenue Code and regulations adopted under the Internal Revenue Code.

(d)

If the County establishes an issuer fee, the Director of Finance shall place all revenue collected through the fee in the economic development incentive fund.

(1996, Ch. 640)

Editor's note

Sections 26.300 and 26.301 is derived from 1996 Laws of Maryland ch. 640. The catchlines were added editorially for ease of reading and were not part of the legislation as passed. Section 26.301 was amended by 2000 Laws of Maryland, ch. 193.