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Ch. 449
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LAWS OF MARYLAND
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1404
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(c) At least 30 days prior to the end of the fiscal years
of Montgomery and Prince George's counties, respectively, the
Commission shall certify and submit to the appropriate fiscal
officers of the counties the unexpended balances in the hands of
the Commission from moneys received by the Commission from the
administrative taxes theretofore levied by the counties,
respectively, as hereinabove provided. If the unexpended balance
with respect to either county exceeds the sum of $100,000, that
county may deduct the excess from its estimate of the amount of
money which will be raised in the next succeeding fiscal year by
the levy of the administrative tax; and the county in that fiscal
year may levy the tax at a rate which the county estimates will
produce an amount equal to the difference so arrived at, which
amount will then be the amount which the county is obligated to
pay the Commission for administration in that fiscal year
pursuant to this section.
(d) The Montgomery County Council is and the Board of
County Commissioners of Prince George's County are authorized and
directed to fix the amount of the administrative tax authorized
in this section on or before the 20th day of the month
immediately prior to the month in which the Commission's fiscal
year begins. On or before the 5th day of that month prior to the
beginning of the Commission's fiscal year, the Commission shall
submit to the County Council and the Board of County
Commissioners its complete budget estimates for the forthcoming
fiscal year along with suitable statements in justification of
the administrative budget and tax rate requested by the
Commission.
(e) [The Commission from time to time in any fiscal year
may borrow such sums of money on promissory notes, to be known as
tax anticipation certificates of indebtedness, to bear interest
at not exceeding six percent a year, and to be signed by the
chairman and the secretary-treasurer of the Commission, as
necessary to meet its administrative operating expenses within
either county, from any bank or institution or individual willing
to lend the same. The Commission from time to time also may issue
and renew its tax anticipation certificates of indebtedness for
the same, bearing interest at not exceeding six percent a year;
provided that the total amount so borrowed and outstanding in any
fiscal year does not exceed 75 percent of the total proceeds
received by the Commission from the administrative tax levied and
collected during the Commission's preceding fiscal year within
that county. All moneys borrowed within any fiscal year shall be
repaid during the next succeeding fiscal year from the proceeds
of the administrative tax received by the Commission from that
county in the fiscal year last mentioned.
(f)] Any funds over and above that necessary for operating
and administrative purposes and any other funds not specifically
pledged by law which remain in the hands of the Commission may be
used in the respective counties of the regional district, in the
same proportion as they were collected from these counties, for
the purchase, development, maintenance, and operation of parks
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