BLAIR LEE III, Acting Governor                           547

IMPROVEMENTS.

(3) EXPENSE FUND. —THE EXPENSE FUND SHALL BE THE FUND
TO WHICH SHALL BE CREDITED ALL MONEY PROVIDED BY THE STATE
OF MARYLAND TO PAY THE ADMINISTRATION EXPENSES OF THE
RETIREMENT SYSTEM, AND FROM WHICH SHALL BE PAID ALL THE
EXPENSES NECESSARY IN CONNECTION WITH THE ADMINISTRATION AND
OPERATION OF THE SYSTEM. ANNUALLY THE BOARD OF TRUSTEES
SHALL ESTIMATE THE AMOUNT OF MONEY NOT IN EXCESS OF 0.3
PERCENT OF THE PAYROLL OF MEMBERS WHICH SHALL BE DEEMED
NECESSARY TO BE PAID INTO THE EXPENSE FUND DURING THE
ENSUING YEAR TO PROVIDE FOR THE EXPENSE OF OPERATION OF THE
RETIREMENT SYSTEM AND SUCH AMOUNT SHALL BE PAID TO THE
EXPENSE FUND FOR THIS PURPOSE.

(4) STATE CONTRIBUTION-—ON OR BEFORE THE FIRST DAY
OF NOVEMBER NEXT PRECEDING EACH REGULAR MEETING OF THE
GENERAL ASSEMBLY OF MARYLAND THE BOARD OF TRUSTEES SHALL
CERTIFY TO THE STATE SUPERINTENDENT OF SCHOOLS, THE AMOUNTS
WHICH WILL BECOME DUE AND PAYABLE DURING THE YEAR NEXT
FOLLOWING EACH OF THE FUNDS OF THE RETIREMENT SYSTEM
TOGETHER WITH A STATEMENT OF THE PERCENTAGE OF THE PAYROLL
OF ALL MEMBERS, WHICH IS EQUIVALENT TO THE TOTAL AMOUNT. TO
THIS AMOUNT THE STATE SUPERINTENDENT OF SCHOOLS SHALL ADD AN
AMOUNT EQUAL TO SUCH PERCENTAGE OF THE PAYROLL OF TEACHERS
WHO ARE MEMBERS OF LOCAL RETIREMENT FUNDS IN THE CITY AND
COUNTIES OF THE STATE, WHO ARE EXCLUDED FROM MEMBERSHIP IN
THIS RETIREMENT SYSTEM AS PROVIDED IN §83 OF THIS
SUBTITLE, BUT (UNTIL JUNE 30, 1969), NOT IN EXCESS OF THE
PERCENTAGE CERTIFIED FOR THIS RETIREMENT SYSTEM, AS SUCH
RESPECTIVE CITIES OR COUNTIES MAY HAVE CONTRIBUTED DURING
THE BIENNIUM PRECEDING, TO THEIR OWN RETIREMENT OR PENSION
SYSTEM ON ACCOUNT OF THEIR TEACHERS, WHICH LATTER AMOUNT
SHALL BE PAID TO SUCH CITIES AND COUNTIES; AND BEGINNING ON
JULY 1, 1969, AS IS DETERMINED BY THE ACTUARY OF THIS
RETIREMENT SYSTEM ON THE BASIS OF AN ACTUARIAL VALUATION OF
THE COST TO SUCH SUBDIVISION OF FUNDING THE SAME BENEFITS AS
ARE PROVIDED UNDER THIS RETIREMENT SYSTEM, WHICH LATTER
AMOUNT SHALL BE PAID TO SUCH CITIES AND COUNTIES; THE
AMOUNTS THUS ASCERTAINED SHALL BE INCLUDED BY THE STATE
SUPERINTENDENT OF SCHOOLS IN HIS BUDGET ESTIMATE AND SHALL
BE INCLUDED IN THE BUDGET BILL WHICH IS SUBMITTED TO THE
GENERAL ASSEMBLY.

THE STATE SUPERINTENDENT OF SCHOOLS SHALL CERTIFY ONE
QUARTER OF THE AMOUNT SO ASCERTAINED FOR THE YEAR TO THE
STATE COMPTROLLER ON OR BEFORE THE LAST DAY OF DECEMBER,
FEBRUARY, MAY AND SEPTEMBER. THE COMPTROLLER SHALL ON OR
BEFORE THE FIRST DAY OF JANUARY, MARCH, JUNE AND OCTOBER
DRAW A WARRANT OR WARRANTS ON THE TREASURER OF THE STATE OF
MARYLAND FOR THE RESPECTIVE AMOUNTS DUE THE STATE RETIREMENT
SYSTEM AND THE VARIOUS CITIES AND COUNTIES OF THE STATE
WHICH OPERATE LOCAL RETIREMENT OR PENSION SYSTEMS FOR
TEACHERS. ON THE RECEIPT OF THE WARRANT OF THE COMPTROLLER,
THE TREASURER OF THE STATE OF MARYLAND SHALL IMMEDIATELY
TRANSFER TO THE STATE RETIREMENT SYSTEM THE AMOUNTS DUE AND
SHALL PAY TO THE TREASURER OF EACH CITY OR COUNTY OPERATING
A LOCAL RETIREMENT OR PENSION PLAN COVERING TEACHERS THE