The aggregate principal amount of notes which may be outstanding at any time may not exceed the amount certified by the Controller as the amount of additional moneys needed to meet, when due, the budgeted expenses of the County for the fiscal year in which the notes are to be delivered, prior to the receipt of tax revenues in the fiscal year. The amount of notes that may be outstanding at any time may not exceed the lesser of:
(1) 5% of the gross revenues for all funds set forth in the current expense budget of the County for the current fiscal year; or
(2) the amount of ad valorem and other taxes levied for the current fiscal year or certified by the Controller to be properly treated as revenues in the current fiscal year to the extent such taxes are reasonably anticipated by the Controller to be available for payment of the principal of the notes at maturity, after provision for interest on the notes, other County debt service and any other County obligations to which such ad valorem and other taxes are pledged.
(1985 Code, Art. 6, § 9-202)