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1973
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MARVIN MANDEL, Governor
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income and adjusted assessed valuation of real property.
(4) "Expenditures in which the State shares"
shall be the current AND CAPITAL operating AND CAPITAL
expenditures of approved public libraries participating
in the cooperative program under the provisions of this
section within the limits provided in subsection (c).
(5) "Adjusted assessed valuation of real
property" shall be the most recent estimate, made by the
Department of Assessments and Taxation prior to the
submission of the annual State budget to the General
Assembly, of the assessed value of real property as
reported by the State Department of Assessments and
Taxation for State purposes as of July 1 of the first
completed fiscal year preceding the fiscal year for which
the calculation of library aid pursuant to this section
is made. "Heal property," as used herein, includes land,
improvements to land, land and nonoperating property of
railroads, land and nonoperating property of public
utilities, and public utility operating property
classified as real property. If, for any county, the
State Department of Assessments and Taxation shall
estimate that real property is assessed at more or less
than 55% of market value, the assessed valuation of those
categories of real property which are estimated to be
assessed at more or less than 55% of market value, on the
basis of surveys made pursuant to § 232 (14) of Article
81, which shall be reported as of a date not later than
November 1 of the calendar year preceding the fiscal year
for which the calculation is being made, shall be
adjusted to 55%. The adjustment provided for herein
shall not apply to public utility operating property.
(6) "Net taxable income" shall be as certified
by the Comptroller of the Treasury for the second
completed calendar year preceding the fiscal year for
which the calculation of library aid pursuant to this
section is made, based upon tax returns filed on or
before July 1 succeeding the said calendar year.
(7) "CAPITAL EXPENDITURES" MEANS DEBT
SERVICE OR PAY-AS-YOU-GO CAPITAL OUTLAY EXPENDITURES FOR
THE PURCHASE OF LAND FOR LIBRARIES, THE PURCHASE AND
CONSTRUCTION OF LIBRARY BUILDINGS, REMODELING AND ADDING
TO LIBRARY BUILDINGS, AND THE PURCHASE OF EQUIPMENT AND
FURNITURE FOR SUCH LIBRARY BUILDINGS. "DEBT SERVICE" IS
THE TERM USED TO DESCRIBE THE INTEREST AND AMORTIZATION
CHARGES PAID ANNUALLY OVER A PERIOD OF YEARS TO RETIRE
BONDS. "PAY-AS-YOU-GO" IS THE TERM USED TO DESCRIBE A
CURRENT CAPITAL EXPENDITURE OR ACCUMULATION TOWARD
CAPITAL OUTLAY.
(c) For each county which elects to participate in
the cooperative program, there shall be provided annually
for the purposes of the minimum program for current AND
CAPITAL expenditures of libraries from local and State
funds, an amount for each resident of the county which is
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