Maryland Corporations - Municipal Section 42

      The resolution or petition by which the proposal is initiated to repeal the charter of the municipal corporation may provide for the disposition of the property and assets thereof and the liquidation of its unpaid indebtedness. If no such disposition is made, the board of county commissioners or the county council shall succeed to full ownership, title and control of the property and assets after the charter stands repealed and shall likewise be responsible for payment of the debts and obligations of said municipal corporation in accordance with the terms thereof. The board or council also is authorized, in its discretion, to provide by written agreement with the proper officers of the municipal corporation, while the charter remains in effect, for taking over some or all of the property and assets or some or all of the liabilities and obligations of the municipal corporation, at the time the repeal of its charter becomes effective. The board or council shall establish a special tax area with boundaries coincident with those of the municipal corporation for which a charter was repealed, and tax or assess the residents of such area in such manner as other residents of the county may be taxed or assessed, in order to provide the revenue necessary to defray any obligations or debts of the municipal corporation as of the time the charter is repealed. Such taxes or assessments shall be imposed and collected with the same powers and procedures as exist for general county taxation; the proceeds thereof are to be applied only to such obligation or debt, and the tax or assessment shall be discontinued when all such obligations or debts have been paid in full.