§ 10-182.07. Borrowings from the General Fund to the Capital Project Fund.

(a)

Whenever the County Executive deems it desirable to undertake interfund cash borrowings from the General Fund to meet temporary cash requirements to finance capital projects of Prince George's County for which an authorization appears for the current year in the County's Capital Improvement Program, and for which funding will be received from sources other than general obligation bonds of Prince George's County, he shall recommend to the Council for approval by resolution, the borrowing of such sums in an amount up to, but not exceeding, Five Million Dollars ($5,000,000) in the aggregate for such capital projects, provided, that the Council must find as a matter of fact:

(1)

That the funds to be borrowed are not required for immediate expenditure for items in the General Fund;

(2)

That the funds to be borrowed are not necessary to meet payments for any contracts or obligations now in effect, or to be in effect before such funds will be repaid;

(3)

That funds other than general obligation bonds of Prince George's County will be received to repay the borrowed funds;

(4)

That there are no existing legal restraints, or any limitation or obstacle which will prohibit or restrict the anticipated funding from being received by the County; and

(5)

That the Director of Finance has certified that funds to be borrowed are available.

(b)

Each resolution adopted under this Section shall identify the projects for which the interfund borrowing is authorized, the sources from which repayment is anticipated, and the date by which the repayment will be made. Quarterly reports shall be issued as set forth in Section 10-182.03 of this Division.

(CB-135-1978; CB-42-1985)