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244
LAWS OF MARYLAND
Ch. 115
SPONSORED PROGRAM; AND
(5) COMMITMENTS OF FUNDS TO OTHER PROGRAMS,
DEBTS OR ANY OTHER PROGRAM WHICH LIMIT THE USE OF NEW OR
OLD FUNDS OF THE COUNTY.
THE ESTIMATE SHALL BE CERTIFIED BY THE BOARD OF
COUNTY COMMISSIONERS NOT MOPE THAN 30 DAYS PRIOR TO THE
DATE OF ISSUANCE.
(F) TAX ANTICIPATION NOTES MAY BE SOLD TO THE
LOWEST RESPONSIBLE BIDDER AS DETERMINED, BASED ON SEALED
PROPOSALS, BY THE BOARD OF COUNTY COMMISSIONERS. THE
SALE SHALL TAKE PLACE AT A REGULARLY SCHEDULED BOARD
MEETING.
(G) A TAX ANTICIPATION MAY NOT BE ISSUED IF THE
TOTAL PROPOSED APPROPRIATIONS EXCEED THE TOTAL ESTIMATED
REVENUE.
(H) A TAX ANTICIPATION NOTE MAY NOT BE VALID OR
OBLIGATORY UNLESS THE ORIGINAL PURCHASER IS GIVEN
CERTIFIED COPIES OF THE AUTHORIZING AND AWARDING
RESOLUTION, THE ESTIMATE OF TAXES AND REVENUES TO BE
COLLECTED, AND THE SIGNED NOTE OR NOTES.
(I) ALL TAX ANTICIPATION NOTES SHALL BE SECURED BY
A FIRST LIEN ON THE TAXES OR OTHER REVENGES RECEIVED BY
WASHINGTON COUNTY BETWEEN THE FIRST DAY OF THE MONTH
FOLLOWING THE DATE OF DELIVERY AND THE STATED MATURITY
DATE.
(J) UNLESS THE BOARD OF COUNTY COMMISSIONERS
DECIDE OTHERWISE AND THE DECISION IS STATED IN THE TAX
ANTICIPATION NOTES, A PERCENTAGE OF MONEY COLLECTED SHALL
BE PLACED IN A SINKING FUND UNDER THE FOLLOWING
CONDITIONS:
(1) THE AMOUNT SHALL BE 85 PERCENT OR
THE PERCENTAGE OF THE AMOUNT BORROWED TO THE ANTICIPATED
TAXES AND OTHER REVENUE AT THAT POINT IN TIME. IN EITHER
CASE IN ADDITION TO THESE AMOUNTS, THE PERCENTAGE OF THE
INTEREST DUE, IN INSTALLMENTS AND AT MATURITY, TO THE
ANTICIPATED REVENUE SHALL BE INCLUDED.
(2) THE SINKING FUND SHALL BE ADDED TO
UNTIL THE AMOUNT HELD IN THE SINKING FUND, AND ANY
INTEREST EARNED, EQUALS THE PRINCIPAL AND INTEREST WHICH
MUST BE PAID AT THE DATE OF MATURITY OF THE TAX
ANTICIPATION NOTE.
(3) THE SINKING FUND SHALL BE HELD BY
A BANK OR BANK AND TRUST COMPANY AUTHORIZED TO DO
BUSINESS IN THE STATE OF MARYLAND AS A SINKING FUND
DEPOSITORY.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
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