Montgomery County                               2687

control," Section 84-9, title "Tax credits for persons over sixty-five
years of age," subsections (a), (b) and (h) of Section 84-10, title
"Tax anticipation certificates," and subsection (d) of Section 84-25,
title "Levied, amount," relating generally to finance and taxation
to provide that the director of finance notify the county executive
or his designee of unsecured bank deposits; to authorize the county
executive to designate officials to open safe deposit boxes containing
securities; to employ a broker to sell bonds, certificates of indebtedness,
etc., and to purchase for the county property sold for taxes; to
authorize the county to issue certificates of indebtedness for such
property; to authorize the county executive to determine the interest
rate and manner of sale of such certificates of indebtedness; to
provide generally for the sale of property purchased by the county
at tax sales; to authorize the county executive to approve minimum
bank balances, to designate the persons who, by concurrent action,
may designate persons in the department of liquor control who may
disburse funds from the revolving fund established for purchase of
merchandise for re-sale in the county dispensaries; to provide that
applications for tax credits for persons over sixty-five years of age be
approved by the director of finance or his designee; to provide that
tax anticipation certificates be made available by the county executive
and to authorize the county executive to pay banks issuing and accept-
ing such certificates; and to provide that the director of finance may
issue regulations pertaining to the collection of the real property
transfer tax.

Be It Enacted by the County Council for Montgomery County, Maryland,
that—

Section 1. Subsections (d) and (f) of Section 2-102, Chapter 2,
title "Administration," of the Montgomery County Code 1965 are hereby
repealed and re-enacted, with amendments, to read as follows:

2-102. Deposits in banks.

(d) Procedure where county moneys exceed amount of security. If
at any time the director of finance shall receive moneys belonging to the
county exceeding the amount of the security furnished by county deposi-
tories, and no bank or banking institution shall furnish security or addi-
tional security to cover the amount for deposit, the director of finance may
deposit such moneys in any bank or banking institution in the United
States of America haying a combined capital and surplus of not less than
one million dollars without the security required by the preceding para-
graph (c); but the director of finance shall within three days after making
such deposit without security notify the county executive or his designee.
It shall be the duty of the county executive or his designee to cooperate
with the director of finance, to locate as promptly as possible a depository
willing and able to provide the security required in the preceding sub-
sections hereof.

(f) Agreements as to interest, etc.; disposition of amount accrued.
If any bank or banking institution which is a county depository shall
agree to pay interest upon the monthly balance of county deposits or upon
a reserve deposit of a fixed amount for a stated period of time, the director
of finance is authorized to enter into agreements with such depositories
for the payment of interest to the county and such interest, when and if
received, shall be treated as general revenue of the county. At such time
as the county shall have on deposit funds not needed for immediate