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1478 LAWS OF MARYLAND Ch. 139
MARYLAND, That Section 25 of the Public Local Laws of
Caroline County being Article 6 of the Public Local Laws
of Maryland (1965 Edition and 1975 Supplement, as
amended) be and it is hereby repealed and reenacted, with
amendments, to read as follows:
Article 6
25.
(A) The Board of County Commissioners of Caroline
County [shall] MAY not after the 1st day of July, 1931,
create any obligation or liability on the part of or on
the credit of the county which [shall be] IS a floating
debt, nor issue any certificates of indebtedness, nor
[shall said] MAY THE Board borrow any money whatever for
any purpose without special legislative authority to make
the loan[; and in ]. IN case of any deficiency in revenue
and taxation to meet the amounts provided in the [said]
estimates, there shall be a pro rata abatement of all
appropriations, except for the payment of the State
taxes, the principal and interest of the county debt, and
salaries and obligations fixed by law[; and in]. IN case
of any surplus arising in any fiscal year by reason of
excess income received from the estimated revenue over
the expenditures for such year or by reason of unexpended
appropriations or unexpended emergency fund for such
year, the [said] surplus shall be passed by the Board of
County Commissioners to a fund which shall be a part of
the revenue for the ensuing fiscal year.
(B) [Provided, however, and all] ALL the
provisions of this Act are subject to this proviso, that
in order to meet any unexpected emergency or contingency,
the County Commissioners of [said county] CAROLINE COUNTY
are authorized to temporarily borrow on promissory notes
during any fiscal year a sum or sums of money not to
exceed [one hundred thousand dollars ($100,000), the same
to mature and be paid not later than November first of
the following fiscal year] 5 PERCENT OF THE ESTIMATED
REVENUES FOR THE CURRENT FISCAL YEAR. THE AMOUNT OF THE
LOAN SHALL MATURE AND BE PAID WITHIN SIX MONTHS FROM THE
DATE OF THE LOAN, OR BY THE END OF THE CURRENT FISCAL
YEAR, WHICHEVER IS LATER. THE BOARD OF COUNTY
COMMISSIONERS MAY NOT EXTEND THE TIME FOR REPAYMENT
BEYOND THE STATED TIME LIMIT BY REFINANCING OR ANY OTHER
METHOD.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved April 12, 1977.
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CHAPTER 140
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