Honorable Jim Murphy, Chair, House Committee on Special Purpose Districts
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB2293 by Creighton (Relating to the creation of Montgomery County Improvement District No. 1; providing authority to issue bonds; providing authority to impose assessments, fees, or taxes.), As Engrossed
No fiscal implication to the State is anticipated.
The bill would amend the Special District Local Laws Code establishing the Montgomery County Improvement District No. 1. The district would have the authority to engage in economic development activities. The district would have authority to issue bonds and other obligations, without an election. The district would have authority to impose an operation and maintenance tax, a contract tax, and a sales and use tax.
The bill would take effect immediately if the bill receives a two-thirds vote in each house; otherwise, the bill would take effect September 1, 2017.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.