4125

ANNE ARUNDEL COUNTY

SECTION 3. AND BE IT FURTHER ENACTED, That this
Ordinance is hereby declared to be an emergency ordinance
and necessary for the immediate preservation of the
public peace, health, safety, welfare and property, and
being passed by the affirmative vote of five (5) members
of the County Council, the same shall take effect from
the date it become law.

READ AND PASSED November 19, 1973.

Bill No. 125-73

AN ORDINANCE to add new Section 9-105 to the Anne Arundel
County Code (1967 Edition and Supplements), Title 9,
"Finance", Subtitle 1, "Generally", to follow
immediately after Section 9-104 thereof, to
authorize the Controller to disburse certain funds
to the Anne Arundel County Employees' Federal Credit
Union for short-term advances, to set forth the
conditions under which said disbursements may be
made, and matters generally related thereto.

SECTION 1. BE IT ENACTED BY THE COUNTY COUNCIL OF
ANNE ARUNDEL COUNTY, MARYLAND, That Section 9-105 be, and
it is hereby added to the Anne Arundel County Code (1967
Edition 8 Supplements), Title 9, "Finance", Subtitle 1,
"Generally", to follow immediately after Section 9—104
thereof, and to read as follows:

SECTION 9-105

THE CONTROLLER OF ANNE ARUNDEL COUNTY, MARYLAND IS
HEREBY AUTHORIZED TO DISBURSE FUNDS FOR SHORT-TERM
ADVANCES TO THE ANNE ARUNDEL COUNTY EMPLOYEES' FEDERAL
CREDIT UNION UPON THE FOLLOWING CONDITIONS:

(1)    PRIOR TO DISBURSEMENT, SAID ADVANCES MUST HAVE
THE WRITTEN APPROVAL OF THE COUNTY EXECUTIVE AND THE
DIRECTOR OF ADMINISTRATION.

(2)   SUCH DISBURSEMENTS SHALL BE LIMITED TO NOT MORE
THAN FIFTEEN PERCENT (15%) OF THE TOTAL ASSETS OF SAID
CREDIT UNION.

(3)   SAID ADVANCES MUST BEAR INTEREST AT THE AVERAGE
RATE OF INVESTMENT RATE FOR ANNE ARUNDEL COUNTY, AND
SHALL BE REPAID IN FULL WITHIN ONE HUNDRED TWENTY (120)
DAYS FROM THE DATE OF DISBURSEMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this