HARRY HUGHES, Governor

3677

PROVIDE FOR EXPERIENCE GAINS AND LOSSES, THE EFFECT OF CHANGES IN
ACTUARIAL ASSUMPTIONS, AND THE EFFECT OF LEGISLATION ENACTED FROM
JULY 1, 1980.

(D)  THE ACCRUED LIABILITY CONTRIBUTION RATES SHALL BE
COMPUTED, ON THE BASIS OF THE ENTRY-AGE ACTUARIAL COST METHOD AND
ANY OTHER ASSUMPTIONS ADOPTED BY THE BOARD OF TRUSTEES AS THE
RATE PERCENT OF THE AGGREGATE EARNABLE COMPENSATION OF THE
EMPLOYEES OF THE PARTICIPATING MUNICIPAL CORPORATIONS THAT IS
SUFFICIENT TO LIQUIDATE OVER A PERIOD OF 40 YEARS FROM JULY l,
1980 THE TOTAL LIABILITIES OF THE PARTICIPATING MUNICIPAL
CORPORATIONS ON JULY 1, 1980 THAT ARE NOT DISCHARGED BY THE
ASSETS TO THE CREDIT OF THE PARTICIPATING MUNICIPAL CORPORATIONS
IN THE ACCUMULATION FUNDS AND THAT ARE NOT DISCHARGED BY THE
PRESENT VALUE OF FUTURE NORMAL CONTRIBUTIONS, FUTURE SPECIAL
ACCRUED LIABILITY CONTRIBUTIONS, FUTURE WITHDRAWAL LIABILITY
CONTRIBUTIONS, AND FUTURE EMPLOYEE CONTRIBUTIONS.

(E)  EACH YEAR THE BOARD OF TRUSTEES SHALL CERTIFY TO THE
CHIEF FISCAL OFFICER OF EACH MUNICIPAL CORPORATION THE
CONTRIBUTION RATES FOR ALL MUNICIPAL CORPORATION EMPLOYEES, THE
NORMAL CONTRIBUTION RATES FOR ALL MUNICIPAL CORPORATIONS, AND THE
ACCRUED LIABILITY CONTRIBUTION RATES FOR ALL MUNICIPAL
CORPORATIONS. THE BOARD OF TRUSTEES, ALSO, SHALL CERTIFY THE
SPECIAL ACCRUED LIABILITY AND THE WITHDRAWAL LIABILITY
CONTRIBUTION RATES DETERMINED IN ACCORDANCE WITH SECTIONS 166 AND
168 OF THIS SUBTITLE.

(F)  THE AMOUNTS CERTIFIED UNDER THIS SECTION BY THE BOARD
OF TRUSTEES TO THE CHIEF FISCAL OFFICER OF A PARTICIPATING
MUNICIPAL CORPORATION SHALL BE INCLUDED IN THE NEXT BUDGET,
APPROPRIATION, OR LEVY OF THE PARTICIPATING MUNICIPAL CORPORATION
AFTER THE CERTIFICATION BY THE BOARD OF TRUSTEES AND SHALL BE
LEVIED AND COLLECTED IN THE SAME MANNER AS ANY OTHER TAX.

(G)  (1) THE TREASURER OR PROPER FISCAL OFFICER OF EACH
PARTICIPATING MUNICIPAL CORPORATION SHALL PAY TO THE BOARD OF
TRUSTEES THE AMOUNT OF THE CHARGES CERTIFIED TO THE PARTICIPATING
MUNICIPAL CORPORATION BY THE BOARD OF TRUSTEES AS PROVIDED. THE
AMOUNTS CERTIFIED BY THE BOARD OF TRUSTEES SHALL BE PAID WITHIN
30 DAYS AFTER THE RECEIPT OF THE CERTIFICATE. ANY PARTICIPATING
MUNICIPAL CORPORATION THAT FAILS TO PAY THE AMOUNTS CERTIFIED
UNDER THIS SECTION WITHIN THE TIME REQUIRED BY LAW IS LIABLE FOR
A PENALTY OF 10 PERCENT OF THE AMOUNT DUE. HOWEVER, THE
SECRETARY OF THE BOARD MAY ALLOW A GRACE PERIOD NOT TO EXCEED 10
ADDITIONAL CALENDAR DAYS. ALL AMOUNTS DUE AND UNPAID ON THE DATE
OF PAYMENT ALSO SHALL BEAR INTEREST AT THE RATE OF 10 PERCENT A
YEAR UNTIL THE DATE OF PAYMENT. THE STATE COMPTROLLER, ON
NOTIFICATION BY THE SECRETARY THAT A DELINQUENCY EXISTS,
IMMEDIATELY SHALL EXERCISE THE RIGHT OF SETOFF AGAINST ANY MONEY
DUE OR TO BECOME DUE TO THE DELINQUENT PARTICIPATING MUNICIPAL
CORPORATION.

(2) THE TREASURER OR PROPER FISCAL OFFICER OF EACH
PARTICIPATING MUNICIPAL CORPORATION, ALSO, SHALL PAY TO THE BOARD