5206                                              VETOES

(5) (A) 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.

(B) 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 122(1)(C) OF THIS ARTICLE. 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

June 1, 1982
The Honorable James Clark, Jr.
President of the Senate