§ 10-182.02. Procedures and limitations.

(a)

The Director of Finance shall exercise the authority conferred upon that Office in Section 10-182.01 only in accordance with the following procedures and limitations:

(1)

The authority of the Director of Finance to effect interfund cash borrowings shall not be delegated to any other person or office.

(2)

Prior to the effectuation of any specific interfund cash borrowing, the Director of Finance shall review the status of the County fund for which such borrowing has been requested to determine, from the records of the Office of Finance, whether in fact a temporary interfund loan is necessary to meet the cash requirements of said fund or to allow for reimbursements from said fund to another County fund in the accounting records of Prince George's County.

(3)

If the Director of Finance shall determine, as a result of the review conducted as set forth in paragraph (2), above, that an interfund loan is required, then the Director shall also determine when the cash assets of the borrowing fund will become insufficient to meets its cash requirements, the extent of such cash insufficiency, and when the cash assets of the fund will again be sufficient to meet the cash requirements of the fund and to repay the total amount of the insufficiency. The Director of Finance may not effect an interfund loan which cannot be repaid within a period of one year from the loan's effective date, unless the loan is made for the purpose of satisfying debt service obligations of Prince George's County. If the Director of Finance shall determine that an interfund loan is required to make debt service payments, then any such loan shall be repaid within three years from the effective date of the loan.

(4)

The Director of Finance shall next determine, from the records of the Office of Finance whether any County funds, either singly or in conjunction with one another, have or will have sufficient cash assets to meet their respective cash requirements and to meet the temporary cash requirements of the borrowing fund during the period of time that a cash insufficiency in the borrowing fund will exist. If sufficient cash assets are found to be available in other County funds to permit the effectuation of an interfund loan, then the Director of Finance may exercise the authority conferred herein to meet the temporary cash requirements of the borrowing fund.

(5)

Cash assets of one or more County funds which are the subject of an interfund loan effected by the Director of Finance pursuant to the authority contained herein may not thereafter be transferred or loaned to any other County fund except to that fund, or to those funds, from which said assets were originally received.

(CB-95-1973; CB-162-1978; CB-42-1985)