148

LAWS OF MARYLAND

Ch. 6

(b)  (1) In this subsection the county commissioners may act
only by enacting a resolution which pledges as security the full
faith and credit and unlimited taxing power of the county or, at
the option of the county, its anticipated tax revenues for the
current fiscal year.

(2)  The county commissioners may temporarily borrow
up to a total of [$50,000] $2,500,000 for the use of the county.
The amount borrowed shall all be repaid and such demands [fully]
IN FULL satisfied on or before the [1st] LAST day of June[,]
following the beginning of the fiscal year in which the money is
borrowed. [The county commissioners may not borrow any money for
any purpose between June 1 and the close of the fiscal year.

(3)  For the fiscal year beginning July 1, 1983
through June 30, 1984 the county commissioners may borrow up to a
total of $750,000, which shall be repaid in full by the end of
day on March 15, 1984.

(4)  For the fiscal year beginning July 1, 1983
through June 30, 1984 the county commissioners may borrow up to a
total of $2,000,000 which shall be repaid in full by the end of
the day on June 30, 1984.

(5)  For the fiscal year beginning July 1, 1984
through June 30, 1985, the county   commissioners may borrow up to
a total of $1,250,000 which shall   be repaid in full by the end of
the day on June 30, 1985.]

(c)  In the event of any deficiency in revenue and taxation
to meet the amounts for which provision is made in the estimates,
there shall be a pro rata abatement of all appropriations, except
for:

(1)  The payment of the State taxes; and

(2)  The principal and interest of the county debt.

(d)  (1) In the event of any surplus arising in any fiscal
year by reason of excess of income received from the estimated
revenue over the expenditures for such year, the surplus shall be
passed by the county commissioners to a reserve fund for
uncollected revenues which shall be used in the event of any
deficiency in revenue and taxation to meet the operating expenses
for the ensuing fiscal years.

(2) The reserved fund for uncollected revenues may
not at any time exceed 3 percent of the county operating budget.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General