2482

LAWS OF MARYLAND

Ch. 428

the fiscal year, in one daily newspaper published in the county.

2-7-5.

The revenue derived by the county from all sources shall be
devoted absolutely to paying and defraying the line item as
approved in the annual budget. However, to serve the best
interests of the county throughout the fiscal year, the board of
county commissioners may make such line item transfers as it
deems necessary provided such transfers are approved in writing;
no excess of income over the total of estimates, plus the
unexpended balance of the [emergency] CONTINGENCY fund, shall be
added to any estimate or be used for any purpose, except as a
part of the surplus to be carried over to the ensuing fiscal year
as provided by section 2-7-8 of this Code. Nothing in this
section shall affect special revenues received by the county as
provided for in section 2-7-6 of this Code.

2-7-8.

The board of county commissioners shall not after the first
day of July 1920, create any obligation or liability on the part
of or on the credit of the county which shall be a floating debt,
nor issue any certificate of indebtedness, nor shall the board
borrow any money whatsoever for any purpose, without special
legislative authority to make the loan. In case of any
deficiency in revenue and taxation to meet the amounts provided
in the estimates, there shall be a pro rata abatement of all
appropriations, except for the payment of the state taxes, the
principal and interest of the county debt and salaries and
obligations fixed by law. In case of any surplus arising in any
fiscal year by reason of excess income received from the
estimated revenue over the expenditures for such year or by
reason of unexpended appropriations for unexpended [emergency]
CONTINGENCY fund for such year or from increment from the sale of
bonds or other reason, the surplus shall be passed by the board
of county commissioners to a fund which shall be a part of the
revenue for the ensuing fiscal year; provided, that the county
commissioners are authorized to borrow temporarily, on promisory
notes during any one year, a sum of money not to exceed the sum
of [fifty thousand dollars ($50,000.00)] $100,000, to pay the
interest on the bonded indebtedness of the county, such temporary
notes to mature and be paid not later than December thirty-first
of the same calendar year in which such sum may be borrowed; and
provided further, that in addition to the authority to borrow,
the board of county commissioners are hereby authorized to
borrow, on the credit of the county, on promissory notes, such
sums of money, not to exceed the sum of [seven hundred fifty
thousand dollars ($750,000.00)] $2,500,000 in any one year for
the purpose of paying any expenses or obligations of the county,
even though no specific legislative authority to make the
particular loan shall have been first had and obtained.