72                                Laws of Maryland                        [Ch. 30

125.

ARTICLE 14
BUDGETS, FINANCING AND PROPERTY

14.01. Annual Capital and Current Expense Budgets.—(a)
Capital Budget. The Commission shall annually adopt a capital
budget including all capital projects it proposes to undertake or
continue, or toward payment of the cost of which it proposes to
contribute, during the budget period containing a statement of
the estimated cost of each project, the method of financing
thereof and, when applicable, the amounts of current annual shares
of the cost which any person or governmental agency has contracted
to pay. The portions of the capital budget not balanced by shares of
the costs undertaken by any person or governmental agency shall
be financed in such manner as the entire Commission, by unanimous
vote, shall determine.

(b)  Current Expense Budget. The Commission shall annually
adopt a current expense budget for each fiscal year. Such budget
shall include the Commission's estimated expenses for administra-
tion, operation, maintenance and repairs, including a separate state-
ment thereof for each project together with its cost allocations.
The total of such expenses shall be balanced by the Commission's
estimated revenues from all sources, including the cost allocations
which any person or governmental agency has contracted to pay
in connection with any project, and an equitable apportionment,
by unanimous vote of the entire Commission, among the signatories
of the remaining revenues required. Following the adoption of the
annual current expense budget by the Commission, the executive
director of the Commission shall:

(1)  Certify to the respective signatories, and submit to persons
and other governmental agencies statements of, the amounts due
from them in accordance with existing cost sharing established
for each project; and

(2)   Transmit certified copies of such budget to the principal
budget officers of the respective signatories at such time and in
such manner as may be required under their respective budgetary
procedures.

(c)  Payments of Budget Apportionments. The respective signa-
tories covenant and agree to include the amounts allocated and
apportioned for the support of the current expense budget of the
Commission in their respective budgets next to be adopted, subject
to such review as may be required by their respective budgetary
procedures. Such amounts shall be due and payable to the Com-
mission in not more than four (4) installments which shall be not
less often than quarterly during its fiscal year.

(d)  Payment of Cost Shares. Every statement rendered to a
person or governmental agency other than a signatory, for his or
its annual share in the costs of any project shall be payable in full
within thirty (30) days of the date of receipt of the statement unless
the Commission shall otherwise provide.

(e)  Interim Financing. Pending remittances by the signatories,
and payments by persons and other governmental agencies, the
Commission may borrow from its working capital or other sources
to finance its current expense budget.