200

LAWS OF MARYLAND

Ch. 24

ACCOUNT OF OTHER EMPLOYEES IN THE SYSTEM. THE EXPENSES OF
MAKING THIS INITIAL VALUATION SHALL BE ASSESSED AGAINST AND
PAID BY THE PARTICIPATING MUNICIPAL CORPORATION ON WHOSE
ACCOUNT IT IS NECESSARY. THE ACCRUED LIABILITY CONTRIBUTION
FOR ANY MUNICIPAL CORPORATION THAT PARTICIPATES SHALL BE SET
ON A BASIS TO LIQUIDATE ITS UNFUNDED ACCRUED LIABILITY IN A
PERIOD OF 40 YEARS. ANY PARTICIPATING MUNICIPAL
CORPORATION, WITH THE CONSENT OF THE BOARD OF TRUSTEES, MAY
LIQUIDATE ITS UNFUNDED ACCRUED LIABILITY IN A SHORTER PERIOD
THAN 40 YEARS.

(3)   EACH YEAR, THE BOARD OF TRUSTEES OF THIS PENSION
SYSTEM SHALL CERTIFY TO THE CHIEF FISCAL OFFICER OF EACH
PARTICIPATING MUNICIPAL CORPORATION THE PROPORTION OF THE
EXPENSE OF THIS PENSION SYSTEM FOR THE PRECEDING FISCAL
YEAR, TOGETHER WITH THE NECESSARY EXPENSES OF THE TRUSTEES
OF THIS PENSION SYSTEM, THAT THE PAYROLL OF THE MEMBERS
EMPLOYED BY THE PARTICIPATING MUNICIPAL CORPORATION BEARS TO
THE AGGREGATE OF THE PAYROLL OF ALL MEMBERS.

(4)   AN AMOUNT CERTIFIED UNDER THIS SUBTITLE BY THE
BOARD OF TRUSTEES TO THE CHIEF FISCAL OFFICER OF A
PARTICIPATING MUNICIPAL CORPORATION SHALL BE INCLUDED IN THE
NEXT BUDGET, APPROPRIATION, OR LEVY OF THE PARTICIPATING
MUNICIPAL CORPORATION AFTER THE CERTIFICATION BY THE BOARD
OF TRUSTEES AND SHALL BE LEVIED AND COLLECTED IN THE SAME
MANNER AS ANY OTHER TAX.

(5)   THE TREASURER OR PROPER FISCAL OFFICER OF EACH
PARTICIPATING MUNICIPAL CORPORATION SHALL PAY TO THE BOARD
OF TRUSTEES THE AMOUNT OF THE CHARGES CERTIFIED TO THE
PARTICIPATING MUNICIPAL CORPORATION BY THE BOARD OF TRUSTEES
AS PROVIDED AND THE AMOUNT OF THE DEDUCTIONS FROM THE
COMPENSATION OF THE MEMBERS WHO ARE OFFICERS OR EMPLOYEES OF
THAT PARTICIPATING MUNICIPAL CORPORATION. THE AMOUNTS
CERTIFIED BY THE BOARD OF TRUSTEES SHALL BE PAID WITHIN 30
DAYS AFTER THE RECEIPT OF THE CERTIFICATE AND DEDUCTIONS
FROM COMPENSATION OF EMPLOYEES SHALL BE PAID IN ACCORDANCE
WITH § 122(1)(C) OF THIS SUBTITLE. ANY PARTICIPATING
MUNICIPAL CORPORATION THAT FAILS TO PAY THE AMOUNTS
CERTIFIED UNDER THIS SECTION WITHIN THE TIME REQUIRED BY LAW
IS LIABLE FOR A PENALTY OF 10 PERCENT OF THE AMOUNTS DUE.
HOWEVER, THE SECRETARY OF THE BOARD MAY ALLOW A GRACE PERIOD
NOT TO EXCEED 10 ADDITIONAL CALENDAR DAYS. ALL AMOUNTS DUE
AND UNPAID ON THE DATE OF PAYMENT ALSO SHALL BEAR INTEREST
AT THE RATE OF 10 PERCENT A YEAR UNTIL THE DATE OF PAYMENT.
THE STATE COMPTROLLER, ON NOTIFICATION BY THE SECRETARY THAT
A DELINQUENCY EXISTS, IMMEDIATELY SHALL EXERCISE THE RIGHT
OF SETOFF AGAINST ANY MONEY DUE OR TO BECOME DUE TO THE
DELINQUENT PARTICIPATING MUNICIPAL CORPORATION.

(6)   ON RECEIPT OF THE PAYMENTS FROM THE TREASURER OR
OTHER OFFICER OF EACH PARTICIPATING MUNICIPAL CORPORATION,
THE CUSTODIAN OF THE FUNDS OF THIS PENSION SYSTEM FOR
EMPLOYEES OF THE STATE, SHALL CREDIT THESE AMOUNTS TO THE
APPROPRIATE FUND OR ACCOUNT OF THIS PENSION SYSTEM.