946                               LAWS OF MARYLAND                       [CH. 405

cation may prescribe, within six months after the close of the fiscal
year of the county board of education.

(C) IN ADDITION TO THE AUDIT AUTHORIZED IN THIS
SECTION, THE COUNTY COMMISSIONERS OR COUNTY
COUNCIL ARE AUTHORIZED TO CONDUCT SUCH AN AUDIT
USING AUDITORS EMPLOYED BY THE COUNTY.

119.    Construction funds, etc., to be kept separate.

Each county board of education shall keep all moneys for the
construction of public school buildings and public school facilities
and the purchase of land for public schools in a separate account
apart from that used for current expenses and shall maintain a
separate and independent accounting system for such public school
construction moneys.

120.    Reports—Required.

Each county board of education and the Board of School Com-
missioners of the City of Baltimore shall make all the reports re-
quired by the State Board of Education and by the State Superin-
tendent of Schools at such times, upon such items, and on such forms
as may be prescribed by the State Board of Education and by the
State Superintendent of Schools. The public schools of the county
shall be required to use a uniform method prescribed by the county
superintendent of schools for reporting the receipts and expenditures
and balances of the operations and activities conducted by the schools.

121.    Publication of annual report.

Each county board of education shall prepare, publish, and make
available to interested parties an annual report of the condition,
current accomplishments, and needs for improvement of the schools
as well as a statement of the business and financial transactions of
the board. Such report shall be published before the end of the
calendar year.

122.    Financial interest in contracts.

(a) Board members—It is unlawful for any member of the board
of education in any county of Maryland to have a direct or indirect
financial interest in any contract or purchase to which the board of
education in that county is a party, except as in this subsection set
forth. Every member of a county board of education who may reason-
ably be expected to know, or who knows that he has a direct financial
interest in any contract or purchase in which such board is or may
be in any way concerned, shall make prompt disclosure of the fact of
such interest to the county board of education. It is unlawful for any
member to fail to disclose the fact of such interest to said board. If
the disclosure is made and if the person making the disclosure
disqualifies himself from voting or acting on the transaction on behalf
of such board, the transaction may be completed if it involves (1) the
making of a deposit by the board in a bank in which a member of
the board has a direct financial interest; or (2) the purchasing of
gas, electricity, or other public utility services from a company in
wh