HARRY HUGHES, Governor

1687

(1)  A date of issue shall be stated.

(2)  A date of maturity shall be stated.

(3)  The amount payable in installment and at maturity
shall be stated.

(4)  The time and place for payment shall be stated.

(5)  One of the places for payment shall be within the
State of Maryland.

(6)  The denominations shall be stated and need not be
uniform.

[(e)] (C) (1) Monthly estimate. [Prior to] BEFORE the
issuance of tax anticipation notes, the Director of Finance [of
Washington County] shall make a ["]careful["] monthly estimate of
the money to be received and disbursed over the next [six] 6
month period. This estimate shall take account of the following
factors:

[(1)] (I) Past collection and disbursement;

[(2)] (II) Anticipated collection and disbursements;

[(3)] (III) Current economic conditions;

[(4)] (IV) Federal funds available, but only if the
tax anticipation notes are in reliance of a federal sponsored
program; and

[(5)] (V) Commitments of funds to debts or any other
program which limit the use of new or old funds of the county.

(2) The estimate shall be certified by the [Board of]
County Commissioners not more than 30 days prior to the date of
issuance.

[(f)] (D) Low bidder. Tax anticipation notes may be sold
to the lowest responsible bidder as determined, based on sealed
proposals, by the [Board of] County Commissioners. The sale
shall take place at a regularly scheduled board meeting.

[(9)] (E) Prohibition. A tax anticipation note may not be
issued if the total proposed appropriations exceed the total
estimated revenue.

[(h)] (F) Validity conditioned. A tax anticipation note is
not valid or obligatory unless the original purchaser is given
certified copies of the authorizing and awarding resolution, the
estimate of taxes and revenues to be collected, and the signed
note or notes.