WILLIAM DONALD SCHAEFER, Governor Ch. 478
34-9. DEFICIENCY IN REVENUE; TEMPORARY BORROWING.

A. THE BOARD OF COUNTY COMMISSIONERS MAY NOT CREATE
ANY OBLIGATION OR LIABILITY ON THE PART OF OR ON THE CREDIT OF
THE COUNTY WHICH IS A FLOATING DEBT THAT EXTENDS BEYOND THE
DATES SPECIFIED IN THIS SECTION. EXCEPT AS OTHERWISE SPECIFIED
IN THIS SECTION, A TEMPORARY LOAN MAY NOT BE MADE TO PAY ANY
DEFICIENCY ARISING FROM A FAILURE TO REALIZE SUFFICIENT
INCOME FROM REVENUE AND TAXATION TO MEET THE AMOUNTS FOR
WHICH PROVISION IS MADE IN THE LIST OF ESTIMATES.

B. IN THIS SUBSECTION THE BOARD OF COUNTY COMMISSIONERS
MAY ACT ONLY BE ENACTING A RESOLUTION WHICH PLEDGES AS
SECURITY THE FULL FAITH AND CREDIT AND UNLIMITED TAXING
POWER OF THE COUNTY OR, AT THE OPTION OF THE COUNTY, ITS
ANTICIPATED TAX REVENUES FOR THE CURRENT FISCAL YEAR.

C. THE BOARD OF COUNTY COMMISSIONERS MAY TEMPORARILY
BORROW UP TO A TOTAL OF TWO MILLION FIVE HUNDRED THOUSAND
DOLLARS ($2,500,000.) FOR THE USE OF THE COUNTY. THE AMOUNT
BORROWED SHALL ALL BE REPAID AND SUCH DEMANDS IN FULL
SATISFIED ON OR BEFORE THE LAST DAY OF JUNE FOLLOWING THE
BEGINNING OF THE FISCAL YEAR IN WHICH THE MONEY IS BORROWED.

D. IN THE EVENT OF ANY DEFICIENCY IN REVENUE AND
TAXATION TO MEET THE AMOUNTS FOR WHICH PROVISION IS MADE IN
THE ESTIMATES, THERE SHALL BE A PRO RATA ABATEMENT OF ALL
APPROPRIATIONS, EXCEPT FOR:

(1) THE PAYMENT OF THE STATE TAXES; AND

(2) THE PRINCIPAL AND INTEREST OF THE COUNTY DEBT.

E. IN THE EVENT OF ANY SURPLUS ARISING IN ANY FISCAL YEAR
BY REASON OF EXCESS OF INCOME RECEIVED FROM THE ESTIMATED
REVENUE OVER THE EXPENDITURES FOR SUCH YEAR, THE SURPLUS
SHALL BE PASSED BY THE BOARD OF COUNTY COMMISSIONERS TO A
RESERVE FUND FOR UNCOLLECTED REVENUES WHICH SHALL BE USED
IN THE EVENT OF ANY DEFICIENCY IN REVENUE AND TAXATION TO
MEET THE OPERATING EXPENSES FOR THE ENSURING FISCAL YEARS.

F. THE RESERVED FUND FOR UNCOLLECTED REVENUES MAY NOT
AT ANY TIME EXCEED THREE PERCENT (3%) OF THE COUNTY
OPERATING BUDGET.

34-10. USE OF CONTINGENT FUND.

THE BOARD OF COUNTY COMMISSIONERS SHALL ONLY USE THE
SAID CONTINGENT FUND FOR THE PURPOSE OF MEETING ANY DEMAND
ON ACCOUNT OF ANY ESTIMATE FOR WHICH THERE MAY BE NO MONEY
AT THE TIME IT IS NEEDED FOR THE PURPOSE OF THE ESTIMATE, AND

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