Sec. 52-56. Accounting; use of funds.
Montgomery County, Md., Code § 52-56 (2026)
Sec. 52-56. Accounting; use of funds.LinkCopy Citation
(a)
The Department of Finance must maintain and keep adequate financial records that:
(1)
show the source and disbursement of all revenues under this Article;
(2)
account for all funds received; and
(3)
assure that the funds are used exclusively for the public school improvements listed in subsection (d).
(b)
Interest earned on revenues under this Article must be used solely for public school improvements.
(c)
The Department of Finance must annually issue a statement for this account.
(d)
Revenues raised under this Article may be used to fund planning design, acquisition of land, site improvements, utility relocation, construction, and initial furniture and equipment for any:
(1)
new public elementary or secondary school;
(2)
addition to an existing public elementary or secondary school that adds one or more teaching stations; or
(3)
modernization of an existing public elementary or secondary school to the extent that the modernization adds one or more teaching stations.
(a)
must not require the payment of a transportation mitigation payment or a school facilities payment for the same development; and
(b)
must refund the payment or give the property owner a credit against the development impact tax for transportation due for the development in the amount of any transportation mitigation payment made for the same development prior to March 1, 2017.