2690                               Municipal Charters

2-132. Sale of properties purchased by county at public auction.

(a)    On or before October 15 of each year, the county shall cause
to be offered for sale at public auction all properties which it has purchased
at tax sale and which are no longer subject to redemption. One or more of
the properties may be so offered at such other times as the county executive
may determine. Each such property shall be offered at such auction at
an upset price equal in amount to all taxes and assessments thereon which
are due and unpaid, together with interest thereon to the date of the sale,
plus all costs and penalties allowable by law, plus the cost of advertising
and selling such property at auction sale. Upon a finding by the county
executive that such upset price is, in the case of a particular piece of
property, either too high or too low, the county executive may, by regula-
tion fix an upset price at a figure other than that provided for in this
section; provided, that such finding and the basis therefor are recited in
the regulation. At any time prior to the date of any such auction the
county executive may withdraw any of the properties from the sale for
the purpose of

(1)    Conveying properties to any governmental agency or political
subdivision or

(2)    For retention for use by the county or

(3)    Whenever there was no bid equal to or greater than the upset
price at a previous public auction, the county executive may dispose of
the property in the manner prescribed by subsection (b) of this section.

(b)    After any such property has been offered for sale at public
auction one or more times, it may be sold at private sale at the best price
obtainable by the county executive, subject to the approval of the council.

Section 5. Subsection (a) of Section 84-3, Chapter 84, title "Finance
and taxation," of the Montgomery County Code 1965 is hereby repealed
and re-enacted, with amendments, to read as follows:

Sec. 84-3. Deposit of County Funds.

(a) There shall be maintained in each of the designated deposi-
tories a minimum balance of ten thousand dollars. There shall also be
maintained such balances deemed necessary by the Director of Finance
for the efficient operation of the County, for which, the Director of Finance
with the approval of the County Executive may provide minimum balances
between $10,000 and $300,000 for banks in such cases as the amount or
nature of the services rendered make it necessary or advisable, and pro-
vided there are sufficient County funds to maintain this minimum. After
these provisions, any remaining balances shall be distributed in proportion
to the deposits of the respective banks or branch offices of banks located
in Montgomery County except that for any bank or branch offices of banks
with deposits exceeding $50,000,000 the figure $50,000,000 shall be used
for the purpose of this distribution, provided that no depository shall
receive more than $500,000 under this provision, provided, further, that
it shall not be necessary to redistribute funds for the purpose of maintain-
ing proportionate distribution more than once quarterly.

Section 6. Section 84-6, Chapter 84, title "Finance and taxation,"
of the Montgomery County Code 1965 is hereby repealed and re-enacted,
with amendments, to read as follows: