Sec. 68C-5. District Fund.
Montgomery County, Md., Code § 68C-5 (2026)
Sec. 68C-5. District Fund.LinkCopy Citation
(a)
The Director of Finance must establish a separate fund for the proceeds collected from any tax imposed under this Chapter. The proceeds of any tax imposed under this Chapter must be pledged to and paid into this fund.
(b)
The Director of Finance must use this fund only to pay the cost of any transportation infrastructure improvement related to the District.
(c)
If in any fiscal year a balance remains in the fund, the Director of Finance may use the balance to:
(1)
pay the cost of any transportation infrastructure improvement for the District;
(2)
create a reserve to pay the future costs of any transportation infrastructure improvement for the District;
(3)
pay bond-related obligations or retire bonds then outstanding; or
(4)
pay into a sinking fund required by the terms of bonds which finance the cost of any transportation infrastructure improvement for the District that may be incurred or accrue in later years.