(a) Contents of statement. Prior to the issuance of any series of notes, the Controller shall prepare and submit to the County Executive a statement showing:
(1) that, at the time of submission of the statement, the then estimated amount of uncollected revenues of the County for the current fiscal year equals or exceeds the principal amount of the notes and the estimated interest on the notes;
(2) the additional moneys needed to meet, when due, the budgeted expenses of the County for the current fiscal year, prior to the receipt of tax revenues in the current fiscal year;
(3) the proposed principal amount of the series of notes then to be issued, the proposed date of maturity of the series of notes and an estimate of the interest charges to be incurred with respect to the notes based on prevailing interest costs;
(4) the aggregate principal amount of notes outstanding on the proposed date of issuance of the series of notes; and
(5) 5% of the gross revenues for all funds set forth in the current expense budget of the County for the current fiscal year and 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 the ad valorem and other taxes are pledged.
(b) Acceptance of or variation to statement. As provided in § 4-10-307, the County Executive may accept the proposed principal amount and maturity or make such variations as may seem to the County Executive in the best interests of the County.
(1985 Code, Art. 6, § 9-203) (Bill No. 23-04)