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1326 LAWS OF MARYLAND Ch. 32
by Chapter 115 of the Acts of 1976)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 8-14(e), (g), (h), and (j) of the
Public Local Laws of Washington County being Article 22
of the Public Local Laws of Maryland (1970 Edition and
1975 Supplement, as amended by Chapter 115 of the Acts of
1976) be and they are hereby repealed and reenacted, with
amendments, to read as follows:
Article 22
8-14.
Whenever the amount of revenue collected in
Washington County is insufficient to meet the current
expenses required to be paid, the County Commissioners
may borrow on the faith and credit of Washington County
and [to] issue for the indebtedness, the note or notes of
the County Commissioners, the note or notes to be signed
by the President of the Board of County Commissioners and
certified by the Clerk of the County Commissioners as to
the date of approval for the borrowing by a motion
approved by the Board of County Commissioners at a
regularly scheduled meeting, subject to the following
limitations:
(e) Prior to the issuance of tax anticipation
notes, the Director of Finance of Washington County shall
make a "careful" monthly estimate of the money to be
received and disbursed over the next six month period.
This estimate shall take account of the following
factors:
(1) past collection and disbursement;
(2) anticipated collection and
disbursements;
(3) current economic conditions;
(4) federal funds available, but only if the
tax anticipation notes are in reliance of a federal
sponsored program; and
(5) commitments of funds to [other
programs, ] debts or any other program which limit the use
of new or old funds of the county.
The estimate shall be certified by the Board of
County Commissioners not more than 30 days prior to the
date of issuance.
(g) A tax anticipation NOTE may not be issued if
the total proposed appropriations exceed the total
estimated revenue.
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