§ 16-107
98 words·~1 min read·
/md/local-government/16-107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§16–107.
(a)In this section, “reserve account” means a continuing, nonlapsing account or fund in which money is retained to support appropriations that have become unfunded.
(b)By ordinance or local law, after notice and hearing, a county may establish one or more reserve accounts.
(c)An ordinance or a local law that establishes a reserve account shall provide for:
(1)requirements for the accumulation of a fixed amount of money, a percentage of designated revenues, or both;
(2)the circumstances under which the account may be used; and
(3)the use of any earnings on the account.