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1327
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MARVIN MANDEL, Governor
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(h) A tax anticipation note [may not be] IS NOT
valid or obligatory unless the original purchaser is
given certified copies of the authorizing and awarding
resolution, the estimate of taxes and revenues to be
collected, and the signed note or notes.
(j) Unless the Board of County Commissioners
[decide] DECIDES otherwise and the decision is stated in
the tax anticipation notes, a percentage of money
collected shall be placed in a sinking fund under the
following conditions;
(1) The amount shall be 85 percent or the
percentage of the amount borrowed to the anticipated
taxes and other revenue at that point in time. In either
case, in addition to these amounts, the percentage of the
interest due, in installments and at maturity, to the
anticipated revenue shall be included.
(2) The sinking fund shall be added to until
the amount held in the sinking fund, and any interest
earned, equals the principal and interest which must be
paid at the date of maturity of the tax anticipation
note.
(3) The sinking fund shall be held by a bank
or bank and trust company authorized to do business in
the State of Maryland as a sinking fund depository.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved March 8, 1977.
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CHAPTER 33
(Senate Bill 39)
AN ACT concerning
Crabbers — License Fees
FOR the purpose of changing the age exemption for
commercial crabbers' license fees.
BY repealing and reenacting, with amendments,
Article - Natural Resources
Section 4-804(f)
Annotated Code of Maryland
(1974 Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
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