Montgomery County                                2341

Section 2. This Act shall take effect on the seventy-sixth day following
its enactment.

Chapter 40
(Bill No. 42-69)

An Act to amend Chapter 2, title "Administration," of the Mont-
gomery County Code (1965 by repealing and re-enacting, with amend-
ments, subsections (d) and (f) of Section 2-102, title "Deposits in
banks," Section 2-109, title "Employment of agents or brokers," Sec-
tion 2-131, title "Purchase of property by county; issuance of certifi-
cates of indebtedness, etc." and Section 2-132, title "Sale of properties
purchased by county at public auction"; Chapter 84, title "Finance
and Taxation," of the Montgomery County Code 1965, as amended,
by repealing and re-enacting, with amendments, subsection (a) of
Section 84-3, title "Deposit of county funds," Section 84-6, title "Dis-
bursements from revolving fund of department of liquor control,"
Section 84-9, title "Tax credits for persons over sixty-five years of
age," subsection (a), (b) and (h) of Section 84-10, title "Tax anticipa-
tion 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 desig-
nate 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 prop-
erty 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 accepting 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, Mary-
land, that—

Section 1. Subsections (d) and (f) of Section 2-102, Chapter 2, title
"Administration," of the Montgomery County Code 1965 are hereby re-
pealed 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 de-
positories, and no bank or banking institution shall furnish security or
additional security to cover the amount for deposit, the director of finance