HARRY HUGHES, Governor                                      3399

(4) (a) On or before the first day of November next
preceding each regular meeting of the General Assembly of
Maryland, the board of trustees shall certify to the [Governor]
STATE SUPERINTENDENT OF SCHOOLS THE RATES TO BE USED IN
DETERMINING the amounts that will become due and payable during
the next year to each of the funds of this pension system
together with a statement of the percentage of the payroll of all
members, which is equivalent to the total amount. TO THIS AMOUNT
THE STATE SUPERINTENDENT OF SCHOOLS SHALL ADD AN AMOUNT EQUAL TO
SUCH PERCENTAGE OF THE PAYROLL OF TEACHERS WHO ARE MEMBERS OF
LOCAL RETIREMENT FUNDS IN THE CITIES AND COUNTIES OF THE STATE
WHO ARE EXCLUDED FROM MEMBERSHIP IN THIS PENSION SYSTEM, NOT IN
EXCESS OF THE PERCENTAGE CERTIFIED FOR THIS SYSTEM, AS SUCH
CITIES OR COUNTIES MAY HAVE CONTRIBUTED TO THEIR OWN RETIREMENT
OR PENSION SYSTEM ON ACCOUNT OF THEIR TEACHERS AS DETERMINED BY
THE ACTUARY OF THIS SYSTEM ON THE BASIS OF AN ACTUARIAL VALUATION
OF THE COST TO SUCH SUBDIVISION OF FUNDING THE SAME BENEFITS AS
ARE PROVIDED UNDER THIS SYSTEM. This amount shall be included in
the budget bill that is submitted to the General Assembly.

(b) The [board of trustees] STATE SUPERINTENDENT OF
SCHOOLS shall certify one quarter of the amount specified in
paragraph (a) of this subsection to the State Comptroller on or
before the last day of December, February, May, and September.
On or before the first day of January, March, June, and October,
the Comptroller shall draw a warrant on the State Treasurer for
the respective amounts due this pension system. On receipt of
the warrant of the Comptroller, the State Treasurer immediately
shall transfer to this pension system the amounts due.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 732

(Senate Bill 350)

All ACT concerning

Rental Housing Resource Corporation

FOR the purpose of establishing the Rental Housing Resource
Program within the Department of Economic and Community
Development; establishing the Rental Housing Resource
Corporation; defining terms; providing for the powers and
duties of the Corporation; providing for a Board of
Directors of the Corporation; providing for the appointment
and terms of members of the Board of Directors; providing
for an executive director and staff of the Corporation;