§ 15-202. Borrowing power

   (a) Working capital. -- For the purpose of providing the liquor control board with an adequate working capital for acquiring, establishing and operating a county dispensary, or branch dispensaries, together with warehouse facilities, as found necessary under this subtitle, the board of county commissioners of each county is hereby authorized and empowered from time to time to advance a sum of money to the liquor control board of such county. Said board of county commissioners is hereby authorized and empowered to borrow upon the credit of the county in order to advance such moneys to said liquor control board, issuing therefor such notes, certificates of indebtedness and/or bonds as in the discretion of the board of county commissioners are found necessary.

(b) Loans. --

   (1) The liquor control board may borrow money from time to time from any banking institution on its own credit.

   (2) The aggregate sum advanced to or borrowed by the liquor control board may not exceed the following amounts:

      (i) Somerset County -- $ 150,000

      (ii) Wicomico County -- $ 500,000

(c) Repayment. --

   (1) The interest rate limitation provided in paragraph (2) of this subsection does not apply in Somerset County.

   (2) All funds advanced to the liquor control board by the county commissioners, and all funds borrowed by the county commissioners or the liquor control board for the purposes of this subtitle, shall bear interest at the lowest rate possible, not exceeding 6 percent a year. All these sums advanced or borrowed, together with the interest on them, shall be repaid from the receipts from sales made at the county liquor dispensary, or branch dispensaries.

(d) Montgomery County. -- The provisions of this section shall not apply to the Department of Liquor Control of Montgomery County, provided that nothing herein shall be construed to affect the validity of any notes, certificates of indebtedness and/or bonds, or obligations of any kind which may have been heretofore incurred by the Liquor Control Board of Montgomery County.

(e) Worcester County. --

   (1) Subject to paragraph (2) of this subsection, this section does not apply to the Worcester County Department of Liquor Control.

   (2) This section does not affect the validity of a note, certificate of indebtedness, bond, or other obligation of any kind that has been incurred by the Liquor Control Board for Worcester County.

HISTORY: An. Code, 1951, § 151; 1947, ch. 501, § 143; 1951, ch. 342, § 140 (b); ch. 633, § 140 (c), (d); 1953, ch. 193; 1970, ch. 375; 1973, ch. 854; 1976, ch. 845, § 1; 1980, chs. 69, 108; 1981, ch. 414; 1989, ch. 5, § 15; 1991, ch. 236; 1995, chs. 236, 413; 1999, ch. 97; 2000, ch. 182; 2003, ch. 127; 2005, ch. 27; 2007, ch. 390; 2009, chs. 382, 475; 2011, ch. 304.