3886

LAWS OF -MARYLAND

Ch. 755

of trustees the amount of the charges certified to such
participating municipal corporation by the board of trustees
as above provided [and the amount of the deductions from the
compensation of the members who are officers or employees of
that participating municipal corporation]. The payments of
the amounts so certified by the board of trustees shall be
made within 30 days after the receipt of such certificate
[and the payments of deductions from compensation of
employees shall be made]. [In accordance with § 14 (1) (c)
of this article, any] ANY participating municipal
corporation failing to pay the amounts certified under this
section within the time prescribed by law is liable for a
penalty of 10 percent of the amounts due. The secretary of
the board, however, may allow a grace period not to exceed
10 additional calendar days. All amounts due and unpaid on
the date of payment shall also bear interest at the rate of
10 percent until the date of payment. The State
Comptroller, upon notification by the secretary that a
delinquency exists, shall immediately exercise the right of
setoff against all or any moneys due or to become due to the
delinquent participating municipal corporation.

(2) THE TREASURER OR PROPER FISCAL OFFICER OF
EACH PARTICIPATING MUNICIPAL CORPORATION, ALSO, SHALL PAY TO
THE BOARD OF TRUSTEES THE AMOUNT OF THE DEDUCTIONS FROM THE
COMPENSATION OF OFFICERS AND EMPLOYEES MADE IN ACCORDANCE
WITH SECTION 14(1)(C) OF THIS ARTICLE. ANY PARTICIPATING
MUNICIPAL CORPORATION FAILING TO PAY THE AMOUNTS CERTIFIED
UNDER THIS SECTION WITHIN THE TIME PRESCRIBED BY LAW IS
LIABLE FOR A PENALTY OF 10 PERCENT OF THE AMOUNTS DUE. THE
SECRETARY OF THE BOARD, HOWEVER, MAY ALLOW A GRACE PERIOD
NOT' TO EXCEED 10 ADDITIONAL CALENDAR DAYS. ALL AMOUNTS DUE
AND UNPAID ON THE DATE OF PAYMENT SHALL ALSO BEAR INTEREST
AT THE RATE OF 10 PERCENT UNTIL THE DATE OF PAYMENT. THE
STATE COMPTROLLER, UPON NOTIFICATION BY THE SECRETARY THAT
A DELINQUENCY EXISTS, SHALL IMMEDIATELY EXERCISE THE RIGHT
OF SETOFF AGAINST ALL OR ANY MONEYS DUE OR TO BECOME DUE TO
THE DELINQUENT PARTICIPATING MUNICIPAL CORPORATION.

(f) On receipt of the payments from the treasurer or
other officer of each participating municipal corporation,
the . custodian of the funds of the Employees' Retirement
System of the State, shall credit such amounts to the
appropriate fund, funds, account or accounts of said
retirement system.

[(g) The board of trustees, on the recommendation of
the actuary, may increase the normal rate or the flat annual
accrued liability payment when necessary to reflect
experience deficiencies. If the accrued liability is
increased by legislation, the flat annual accrued liability
payment shall be increased to the extent required to
liquidate the additional liability in a period not exceeding
30 years.]