HARRY HUGHES, Governor

1819

(I) FOR FISCAL YEAR 1983-1984, BY MULTIPLYING
THE 1982-1983 PUPIL PAYROLL BASE BY 1.05 PERCENT; AND

(II) FOR ALL FISCAL YEARS FROM THE 1984-1985
FISCAL YEAR, BY MULTIPLYING THE PRIOR YEAR'S PUPIL PAYROLL BASE
BY 1.05 PERCENT.

(8) "TOTAL RETIREMENT COSTS" MEANS FOR FISCAL YEAR
THE PAYROLL BASE FOR THE PRIOR FISCAL YEAR MULTIPLIED BY THE
TOTAL OF THE NORMAL CONTRIBUTION RATE AND THE ACCRUED LIABILITY
CONTRIBUTION RATE THAT ARE DETERMINED UNDER § 162 OF THIS ARTICLE
FOR THE FISCAL YEAR.

(B)(1) FROM THE 1985-1986 FISCAL YEAR, A COUNTY BOARD OF
EDUCATION OR THE BOARD OF SCHOOL COMMISSIONERS OF BALTIMORE CITY
SHALL REIMBURSE THE STATE FOR A PORTION OF THE TOTAL RETIREMENT
COSTS FOR MEMBERS OF THE TEACHERS' RETIREMENT SYSTEM OF THE STATE
OF MARYLAND AND THE PENSION SYSTEM FOR TEACHERS OF THE STATE OF
MARYLAND WHO ARE EMPLOYED BY THE COUNTY BOARD OF EDUCATION OR THE
BOARD OF SCHOOL COMMISSIONERS OF BALTIMORE CITY.

(2) A COUNTY BOARD OF EDUCATION OR THE BOARD OF
SCHOOL COMMISSIONERS OF BALTIMORE CITY SHALL REIMBURSE THE STATE
ANNUALLY FOR THE LOCAL SHARE OF RETIREMENT COSTS FOR THE PRIOR
FISCAL YEAR.

(C) THE BOARD OF TRUSTEES ANNUALLY SHALL CERTIFY TO A
COUNTY BOARD OF EDUCATION OR THE BOARD OF SCHOOL COMMISSIONERS OF
BALTIMORE CITY THE AMOUNT OF THE LOCAL SHARE OF RETIREMENT COSTS
THAT ARE DUE UNDER THIS SECTION. UNLESS THE BOARD OF TRUSTEES
ALLOWS A GRACE PERIOD NOT TO EXCEED 10 DAYS, A COUNTY BOARD OF
EDUCATION OR THE BOARD OF SCHOOL COMMISSIONERS OF BALTIMORE CITY
SHALL PAY THE AMOUNT CERTIFIED WITHIN 30 DAYS AFTER RECEIPT OF

THE CERTIFICATION. UPON FAILURE TO PAY THE AMOUNT CERTIFIED

WITHIN THE 30-DAY PERIOD, A PENALTY OF 10 PERCENT OF THE PAYMENT
THAT IS DUE IS IMPOSED, TOGETHER WITH INTEREST AT 10 PERCENT ON
THE AMOUNT OF THE PAYMENT AND THE PENALTY, IN ADDITION, THE BOARD
OF TRUSTEES MAY AUTHORIZE THE STATE COMPTROLLER TO WITHHOLD ANY
SUMS OWED TO THE STATE UNDER THIS SECTION FROM ANY MONEYS THAT
ARE PAYABLE TO A COUNTY BOARD OF EDUCATION OR THE BOARD OF SCHOOL
COMMISSIONERS OF BALTIMORE CITY.

161.

(11) (A) The State Investment Agency may invest and
reinvest assets of a fund, subject to [all] the terms,
conditions, limitations, and restrictions imposed by the [laws of
Maryland upon domestic life insurance companies in the making and
disposing of their investments; except that the Agency may invest
a maximum of 50 percent of the total funds of each system in
common stocks of which not more than 15 percent may be in
nondividend paying common stocks; and subject] BOARD OF TRUSTEES;
EXCEPT THAT NOT MORE THAN 15 PERCENT OF THE ASSETS THAT ARE
INVESTED IN COMMON STOCKS MAY BE INVESTED IN NONDIVIDEND PAYING
COMMON STOCKS. SUBJECT to like terms, conditions, limitations,