J. MILLARD TAWES, Governor                     1761

ated within this State, if it has not already done so [shall,] on or
before June 30 [1948, adopt as the period for reporting all of its
fiscal transactions, either the calendar year or a period beginning
with the first of July and ending with the thirtieth of June. The
choice of each fiscal period as hereinabove stated shall be at the
option of each county, incorporated city or town and taxing district
selecting the same, provided, however, that no such county, incorpo-
rated city or town or taxing district may change from one fiscal
period to another after it has once made its selection as provided in
this section without the written consent of the State Comptroller.]
1966, shall adopt as its period for recording and reporting all of
its fiscal transactions, the fiscal year defined in Sections 2 (20a) and
29A of Article 81 of this Code, as amended from time to time. Each
county, incorporated city or town and taxing district [adopting a
fiscal period as provided in this section] shall thereafter keep and
maintain its books, records, journals, and fiscal reports by such
method or methods as will permit the [division] accounting and
reporting of all data, statistics, and financial information contained
therein [into half-yearly periods. Every incorporated city or town
which is first created as such after January 1, 1955, shall use the
period beginning with the first of July and ending with the thirtieth
of June, for reporting all of its fiscal transactions; and the State
Comptroller shall not have the power to change the fiscal year for
any such city or town] for this fiscal period, and it shall be the fiscal
year for all such political sub-divisions.

37.

Each county, incorporated city or town and taxing district shall
within one hundred and twenty (120) days after the close of the
fiscal year [selected by it as provided by Section 35 of this article,]
file with the Director of the State Fiscal Research Bureau, its finan-
cial report covering the full period of [each such] that fiscal year.
Such report shall be properly filled in on the form or forms estab-
lished by the State Fiscal Research Bureau as provided in this sub-
title and shall be verified by the chief executive officer of each county,
incorporated city or town and taxing district.

ARTICLE 81
2. Definitions

(20) The phrase "date of finality" [shall mean] means the date as
of which [taxes are to be levied for the taxable year in question and
upon which] assessments become final for [such year] the taxable
year next following, subject only to correction as herein authorized.
The phrase "semi-annual date of finality" means the date as of which
assessments shall be made for all real property becoming assessable
up to that time and after the next previous date of finality. THE
PHRASE "QUARTERLY DATE OF FINALITY" MEANS THE
DATE AS OF WHICH ASSESSMENTS MAY BE MADE FOR ALL
REAL PROPERTY BECOMING ASSESSABLE UP TO THAT
TIME AND AFTER THE NEXT PREVIOUS SEMI-ANNUAL
DATE OF FINALITY. These dates are as specified in Section 29A
of this Article.

(20a) The term "fiscal year" means for the State and for every
county, incorporated city or town, and taxing district the period by