1450

LAWS OF MARYLAND

Ch. 452

(House Bill 1247)

AN ACT concerning

Caroline County - Tax Anticipation Notes

FOR the purpose of providing that the County Commissioners
of Caroline County may borrow money to meet the
expenses of the County, in an amount not to exceed a
certain percent of all the taxes uncollected at the
time of the borrowing and to issue notes bearing
interest; and clarifying language.

BY repealing and reenacting, with amendments,

The Public Local Laws of Caroline County
Section 26

Article 6 - Public Local Laws of Maryland
(1965 Edition and 1975 Supplement, as amended)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Code of Public Local Laws
of Maryland be repealed, amended, or enacted to read as
follows:

Article 6 - Caroline County

26.

In addition to the powers already possessed by the
County Commissioners of Caroline County, and not in
limitation thereof, the [said] County Commissioners are
hereby authorized and empowered to borrow from time to time,
whenever they shall deem it necessary to meet the current
expenses of [said] THE County, money in an amount not to
exceed sixty per centum (60%) of [the] ALL taxes [levied
but] uncollected at the time of [said] borrowing, and to
issue notes therefor bearing interest [at a rate not to
exceed six per centum (6%) per annum], [said] THE notes to
be designated "Tax Anticipation Notes," with the tax levy
year also designated thereon, to be signed by the President
of [said] THE County Commissioners of Caroline County and to
be countersigned by the County Treasurer with the seal of
said County Commissioners affixed.

[Said] THE notes shall be in [such] ANY denominations
and shall mature at [such] ANY periods as may be determined
by [said] THE County Commissioners, and, except as herein
otherwise provided, shall be in [such] ANY form as may be
determined by [said] THE County Commissioners. Provided,
however, that [said] THE notes shall be paid for out of
[said] uncollected taxes when collected; and that any and
all "Tax Anticipation Notes" issued under the authority of
this section, or any renewal thereof, shall be paid or
definite provision for payment made within twenty-four