1688

LAWS OF MARYLAND

Ch. 289

[(i)] (G) First lien. All tax anticipation notes shall be
secured by a first lien on the taxes or other revenues received
by Washington County between the first day of the month following
the date of delivery and the stated maturity date.

[(j)] (H) Sinking fund. Unless the [Board of] County

Commissioners [decides] DECIDE otherwise and the decision is

stated in the tax anticipation notes, a percentage of money

collected shall be placed in a sinking fund under the following
conditions:

(1)  The amount shall be 85 percent or the percentage
of the amount borrowed to the anticipated taxes and other revenue
at that point in time. In either case, in addition to these
amounts, the percentage of the interest due, in installments and
at maturity, to the anticipated revenue shall be included.

(2)  The sinking fund shall be added to until the
amount held in the sinking fund, and any interest earned, equals
the principal and interest which must be paid at the date of
maturity of the tax anticipation note.

(3)  The sinking fund shall be held by a bank or bank
and trust company authorized to do business in the State of
Maryland as a sinking fund depository. (1957 Code, sec. 180.
1933, ch. 3; 1945, ch. 860. 1976, ch. 115; 1977, ch. 32, sec.
14(e), (g), (h), and (j).)

8-15. Tax collectors; money paid to successor.

(A)  [No] A [warrants] WARRANT [shall] MAY NOT be drawn on
any tax collector, or collector of taxes, after his successor
[shall have] HAS qualified[; but].

(B)   [all] ALL money in the hands of the retiring collector
shall be immediately paid over by him to the succeeding tax
collector, after [such] THE succeeding tax collector [shall have]
HAS qualified, who shall receive and credit [the same] IT to the
several accounts for which it has been collected[; and]. [the]
THE retiring collector shall collect the unpaid taxes due for the
year of his appointment, and pay [the same] THEM as collector to
the incumbent tax collector, who shall receive and credit [the
same] THEM to the several accounts for which they were levied.
(P.L.L., 1930, Art. 22, sec. 150; 1957 Code, sec. 181. 1914, ch.
94, sec. 101B.)

8-16. Tax collectors; records.

The collector shall:

(1) [enter] ENTER on books kept for the purpose[,]
accounts of all taxes to be collected by him, with the names of
the owners of the property [so] taxed, the particulars [thereof]
OF THE TAXES, and the rate and amount due; [on the same, and]