Ch. 227

LAWS OF MARYLAND

final budget, schedule of anticipated receipts, fix the tax rate
and impose the levy for the ensuing fiscal year. Such levy,
together with any surplus county funds and all other revenues
from all other sources as shown by the schedule of anticipated
receipts, must be sufficient to cover the total appropriations in
the budget. The final budget, schedule of anticipated receipts
and levies so adopted shall be signed by the majority of the
board of estimates, certified by their ITS clerk, and at least
one copy kept on record at the office of the BOARD OF county
commissioners, open to public inspection during regular business
hours throughout the fiscal year which it covers THEY COVER.

9-9.

(a)  The BOARD OF County Commissioners may not create any
obligation or liability on the part of or on the credit of the
county which is a floating debt that extends beyond the dates
specified in this section. Except as otherwise specified in this
section, a temporary loan may not be made to pay any deficiency
arising from a failure to realize sufficient income from revenue
and taxation to meet the amounts for which provision is made in
the list of estimates.

(b)  (1) In this subsection the BOARD OF 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 BOARD OF county commissioners may temporarily
borrow up to a total of $2,500,000 for the use of the county.
The amount borrowed shall all be repaid and such demands in full
satisfied on or before the last day of June following the
beginning of the fiscal year in which the money is borrowed.

(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 BOARD OF 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.

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