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Session Laws, 1984
Volume 759, Page 4   View pdf image
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4

LAWS OF MARYLAND

Ch. 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 8 - Cecil County

[1-22.

The Board of County Commissioners of Cecil County is
authorized and empowered to borrow money for the use of the
county whenever it becomes necessary in order to defray the
current expenses of the county; the sum borrowed shall not exceed
in any one year twenty-five thousand dollars; provided, that
whenever the board of county commissioners intends to ask for a
loan of money, it shall give at least ten days' notice by
publication in two of the newspapers published in Cecil County,
stating in said notice the amount of the loan to be asked for,
the reason the money is required, and for what purposes it is to
be used, and if at the end of the fiscal year, the board of
county commissioners finds that the expenditures for the year
exceed the amount of the taxes collected after deducting the
amount of money borrowed during the year, then it shall be the
duty of the board of county commissioners to include any deficit
for the year in the levy for the next fiscal year.]

9-9.

(A)  The [Board of] County Commissioners [of Cecil County
shall not after the 1st day of July, 1918,] MAY NOT create any
obligation or liability on the part of or on the credit of the
county which [shall be] IS a floating debt THAT EXTENDS BEYOND
THE DATES SPECIFIED IN THIS SECTION.[, and no] EXCEPT AS
OTHERWISE SPECIFIED IN THIS SECTION, A temporary loan [shall] MAY
NOT be made to pay any deficiency arising from a failure to
realize sufficient income from revenue and taxation to meet the
amounts [provided] for WHICH PROVISION IS MADE in the [said] list
of estimates[; but the board of].

(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
[money] UP TO A TOTAL OF $50,000 for the use of the county. [in
anticipation of the receipts of taxes levied for any year,
provided that they shall not in the manner and for the purpose
aforesaid borrow in the aggregate more than fifty thousand
dollars ($50,000), and such sums so] THE AMOUNT borrowed shall
all be repaid and such demands fully satisfied on or before the
1st day of June, following the beginning of the fiscal year in
which the [said] money is [so] borrowed.[, and the said board of]
THE county commissioners [shall] MAY not borrow any money for
any purpose between [the said 1st day of] June 1 and the [30th
day of June, or the] close of the [said] fiscal year[, and in
case].

 

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Session Laws, 1984
Volume 759, Page 4   View pdf image
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