The Town Administrator, on such date as the
Board of Commissioners shall determine, but by at least the first
meeting in April, shall submit a budget to the Board of Commissioners.
The budget shall provide a complete financial plan for that fiscal
year and shall contain estimates of anticipated revenues from sources
other than taxes to be levied on real and personal property, an estimate
of the assessable value of real and personal property subject to taxation
by the Town and a tentative tax rate so computed thereon that the
total revenue from all sources, other than special assessments, shall
be equal to the total of the proposed expenditures other than expenditures
to be recovered by special assessments.
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The Board of Commissioners may insert new budget
items, delete items, and increase or decrease the items of the budget
so presented. The Board of Commissioners shall then adopt a tentative
budget, which shall be adopted no later than the second Town meeting
in April. The tentative budget shall be a public record of the office
of the Director of Finance, open to public inspection by any resident
or taxpayer of the Town of Bel Air during normal business hours.
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Before adopting the final budget, the Board
of Commissioners shall hold a public hearing on the tentative budget
between the fifteenth (15th) and thirty-first (31st) day of May after
two weeks notice thereof has been published in some newspaper or newspapers
with a general circulation within the Town.
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After the public hearing, the Board of Commissioners
may insert new items or may increase or decrease or delete any item
of the budget. Where the Board shall increase the total proposed expenditures,
it shall also increase the total anticipated revenue in an amount
at least equal to such proposed expenditures other than expenditures
to be recovered by special assessments.
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The final budget for each fiscal year shall
be prepared and adopted in the form of a budget resolution on or before
the first day of June to become effective on the first day of July
of such fiscal year. The favorable vote of at least a majority of
the Board shall be necessary for the adoption of the final budget.
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At the time the Town Administrator is required
to submit a budget to the Board of Commissioners, the Town Administrator
shall also submit to the Board of Commissioners as a separate budget
item a complete estimate of the cost of construction and improvements
proposed for the budget year for which a special assessment can legally
be levied and the estimated receipts from special assessments. In
such budget items anticipated receipts shall be first applied to amortization
of indebtedness incurred for construction and improvements made under
this item in previous budgets and then anticipated receipt remaining
shall be applied to the estimated cost of construction and improvements
to be made under this item in the proposed budget. Any deficit shall
be met by borrowing as follows: by loan from an amount appropriated
in the general section of the budget with interest at a rate to be
determined by the Board of Commissioners but not to exceed eight per
centum (8%) per annum on the unpaid balance, or by a loan made on
certificates of indebtedness, or bonds issued on the full faith and
credit of the Town of Bel Air.
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The Town of Bel Air may issue certificates of
indebtedness or bonds issued on the full faith and credit of the Town
of Bel Air from time to time to provide working capital under the
special assessment budget item.
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All costs of any construction or improvements
(including interest on any sums borrowed from whatever source) provided
for by the special assessment budget item shall be covered by a special
assessment levied against the property thereby affected at a rate
sufficient to repay the costs over such period as the Board of Commissioners
may elect, not however to exceed ten (10) years.
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