1. (a) While any bonds issued under Part II of this subtitle are outstanding, the municipal authority annually shall levy a tax against all of the assessable property served within the municipality to pay the principal and interest on the bonds.

2. (b) The tax shall be:

   1. (1) Sufficient to pay:

      1. (i) When due, the principal and interest on the bonds; or
      2. (ii) The part of the principal or interest on the bonds that is not paid for by the levy of the annual front-foot assessment under § 9-713 of this subtitle or by the service charges collected under § 9-714 of this subtitle; and

   2. (2) Treated the same as any other municipal tax in every respect, including as to:

      1. (i) Priority rights;
      2. (ii) Interest;
      3. (iii) Penalties; and
      4. (iv) Manner of determination, levy, and collection.

3. (c)

   1. (1) Each person involved in the levy or collection of the taxes shall perform the duties promptly and properly.
   2. (2) A person may not use any funds collected under this section for any purpose other than the payment of principal and interest on the bonds.

Added by Acts 1982, c. 240, § 2.

Formerly Art. 43, § 412.