Except as provided in paragraph (2) of this subsection, Harford County may exercise the authority granted under this subtitle only in a designated growth area as defined in the county Master Plan and Land Use Element Plan. Harford County may not exercise the authority granted under this subtitle in any rural village. In Harford County, a special taxing district may be established only by a law enacted by the governing body of the county. At a public hearing on a bill establishing a special taxing district, the governing body of Harford County may consider elements of a proposed development that would receive the proceeds of bonds, including: development design standards; the use of transfer of development rights or other methods of achieving density of development; design and use of open space; and availability and design of recreational and educational facilities. A law enacted by Harford County establishing a special taxing district shall require that adequate debt service reserve funds be maintained. Notwithstanding § 21–503(c) of this subtitle, before Harford County may establish a special taxing district, all of the owners of real property in the proposed special taxing district shall petition the county to establish the special taxing district.