MARVIN MANDEL, Governor                               243

notes to be signed by the President of the BOARD OF
County Commissioners [of Washington County,] and
[countersigned] CERTIFIED by the Clerk of the County
Commissioners[ of Washington County, and to bear interest
from the date of their issuance.] AS TO THE DATE OF
APPROVAL FOR THE BORROWING BY A MOTION APPROVED BY THE
BOARD OF COUNTY COMMISSIONERS AT A REGULARLY SCHEDULED
MEETING, SUBJECT TO THE FOLLOWING LIMITATIONS:

(A)          A TAX ANTICIPATION NOTE MAY NOT MATURE LATER
THAN SIX MONTHS FROM ITS DATE OF ISSUE.

(B)          A TAX ANTICIPATION NOTE MAY NOT BE ISSUED FOR
A SUM IN EXCESS OF THE FOLLOWING AMOUNT: THE ESTIMATED
CURRENT FISCAL YEAR'S CUMULATIVE CASH FLOW DEFICIT PLUS
ONE MONTH'S ESTIMATED EXPENDITURES.

(C)         THE RATE OF INTEREST ON TAX ANTICIPATION NOTES
SHALL BE DETERMINED BY THE COUNTY COMMISSIONERS.        THE
INTEREST ON TAX ANTICIPATION NOTES MAY BE PAID IN
INSTALLMENTS AND AT MATURITY OF THE NOTES.

(D)          IN ADDITION TO OTHER PROVISIONS OF THIS
SECTION, TAX ANTICIPATION NOTES SHALL BE ISSUED UNDER THE
FOLLOWING CONDITIONS:

(1)          A DATE OF ISSUE SHALL BE STATED.

(2)          A DATE OF MATURITY SHALL BE STATED.

(3)          THE AMOUNT PAYABLE IN INSTALLMENT AND AT
MATURITY SHALL BE STATED.

STATED.

(4) THE TIME AND PLACE FOR PAYMENT SHALL BE

(5)    ONE OF THE PLACES FOR PAYMENT SHALL BE
WITHIN THE STATE OF MARYLAND.

(6)    THE DENOMINATIONS SHALL BE STATED AND
NEED NOT BE UNIFORM.

(E) PRIOR TO THE ISSUANCE OF TAX ANTICIPATION
NOTES, THE DIRECTOR OF FINANCE OF WASHINGTON COUNTY SHALL
MAKE A "CAREFUL" MONTHLY ESTIMATE OF THE MONEY TO BE
RECEIVED AND DISBURSED OVER THE NEXT SIX MONTH PERIOD.
THIS ESTIMATE SHALL TAKE ACCOUNT OF THE FOLLOWING
FACTORS:

(1)    PAST COLLECTION AND DISBURSEMENTS;

(2)    ANTICIPATED COLLECTION AND
DISBURSEMENTS;

(3)    CURRENT ECONOMIC CONDITIONS;

(4)    FEDERAL FUNDS AVAILABLE, BUT ONLY IF THE
TAX ANTICIPATION NOTES ARE IN RELIANCE OF A FEDERAL