Division 5A. Interfund Cash Borrowings
Codified through Bill No. CB-018-2026, adopted May 12, 2026, effective July 24, 2026. Source: Municode, Supplement 2026 Update 2. Editorial notes and legislative history omitted.
Division 5A. Interfund Cash Borrowings
Prince George's County, Md., Code § 10-182 (2026)
Sec. 10-182. ReservedLinkCopy Citation
Prince George's County, Md., Code § 10-182.01 (2026)
Sec. 10-182.01. AuthorizationLinkCopy Citation
(a)
Under the provisions of Section 814 of the Charter of Prince George's County, Maryland, and upon the request of the County Executive the Finance Director is hereby authorized to effect interfund cash borrowings not to exceed 22.5 Million Dollars ($22,500,000) from the Capital Project Fund to the General Fund to meet temporary cash requirements.
(b)
Under the provisions of Section 814 of the Charter for Prince George's County and upon the request of the County Executive, the Director of Finance, and his successor in office, is hereby authorized to effect interfund cash borrowings to meet temporary cash requirements and to allow for reimbursements among funds designated in the accounting records of Prince George's County, Maryland.
(c)
Interfund cash borrowings to meet temporary cash requirements and to provide for reimbursements among funds, in accordance with the procedures and limitations set forth herein, may be effected by the Director of Finance regardless whether the services to be provided by the borrowing fund are within the scope of the activities financed by the lending fund; such borrowings, when so effected, shall be considered lawful interfund loans or charges for services rendered by one fund to another and shall not be construed as a diversion of appropriated funds.
Prince George's County, Md., Code § 10-182.02 (2026)
Sec. 10-182.02. Procedures and limitationsLinkCopy Citation
(a)
The Director of Finance shall exercise the authority conferred upon that Office in Section 10-182.01 only in accordance with the following procedures and limitations:
(1)
The authority of the Director of Finance to effect interfund cash borrowings shall not be delegated to any other person or office.
(2)
Prior to the effectuation of any specific interfund cash borrowing, the Director of Finance shall review the status of the County fund for which such borrowing has been requested to determine, from the records of the Office of Finance, whether in fact a temporary interfund loan is necessary to meet the cash requirements of said fund or to allow for reimbursements from said fund to another County fund in the accounting records of Prince George's County.
(3)
If the Director of Finance shall determine, as a result of the review conducted as set forth in paragraph (2), above, that an interfund loan is required, then the Director shall also determine when the cash assets of the borrowing fund will become insufficient to meets its cash requirements, the extent of such cash insufficiency, and when the cash assets of the fund will again be sufficient to meet the cash requirements of the fund and to repay the total amount of the insufficiency. The Director of Finance may not effect an interfund loan which cannot be repaid within a period of one year from the loan's effective date, unless the loan is made for the purpose of satisfying debt service obligations of Prince George's County. If the Director of Finance shall determine that an interfund loan is required to make debt service payments, then any such loan shall be repaid within three years from the effective date of the loan.
(4)
The Director of Finance shall next determine, from the records of the Office of Finance whether any County funds, either singly or in conjunction with one another, have or will have sufficient cash assets to meet their respective cash requirements and to meet the temporary cash requirements of the borrowing fund during the period of time that a cash insufficiency in the borrowing fund will exist. If sufficient cash assets are found to be available in other County funds to permit the effectuation of an interfund loan, then the Director of Finance may exercise the authority conferred herein to meet the temporary cash requirements of the borrowing fund.
(5)
Cash assets of one or more County funds which are the subject of an interfund loan effected by the Director of Finance pursuant to the authority contained herein may not thereafter be transferred or loaned to any other County fund except to that fund, or to those funds, from which said assets were originally received.
Prince George's County, Md., Code § 10-182.03 (2026)
Sec. 10-182.03. Quarterly reportsLinkCopy Citation
The Director of Finance shall render quarterly reports to the County Council and to the County Executive describing the status of all interfund borrowings for which there is an outstanding balance as of the date of such report. Quarterly reports shall be rendered by the Director of Finance on the first day of January, April, July, and October of each year.
Prince George's County, Md., Code § 10-182.04 (2026)
Sec. 10-182.04. Borrowings from bond proceedsLinkCopy Citation
(a)
Whenever the County Executive deems it desirable to undertake interfund cash borrowings from available bond proceeds currently in hand, to meet temporary cash requirements for financing capital projects of Prince George's County for which general obligation bonds of Prince George's County have been duly authorized for sale, he shall recommend to the Council for their approval, by resolution, that the borrowings of such proceeds on hand be authorized in an amount up to, but not exceeding Fifteen Million Dollars ($15,000,000) in the aggregate for all 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 the capital projects from which such funds are borrowed;
(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 are repaid;
(3)
That County general obligation bonds to fund the capital projects to be financed with the borrowed funds have been duly authorized for sale by both a bond enabling act and a bond authorization act both duly adopted and in effect;
(4)
That to his and to their knowledge there are then existing no legal restraints, or any other limitation or obstacle which would prohibit or restrict the sale of said general obligation bonds of the County;
(5)
That the Director of Finance has certified that the said funds are available; and
(6)
That all such borrowings authorized are temporary, being for a period of time set forth in said resolution, and all such monies so transferred shall be repaid as determined by the Director of Finance from either:
(A)
The first proceeds of sale of the general obligation bonds of the County sold to fund the capital projects financed with the borrowed funds; or
(B)
From other available funds.
Prince George's County, Md., Code § 10-182.05 (2026)
Sec. 10-182.05. ResolutionLinkCopy Citation
Each resolution adopted under Section 10-182.04 shall identify the Bond or Loan Funds from which monies are to be borrowed, the bond enabling acts and bond authorization acts for the capital projects to which the borrowed monies are to be temporarily applied, and the capital projects affected by said borrowing.
Prince George's County, Md., Code § 10-182.06 (2026)
Sec. 10-182.06. RepaymentLinkCopy Citation
The first general obligation bond sale by Prince George's County subsequent to the adoption of any resolution pursuant to Section 10-182.04 shall include an amount sufficient to repay borrowing that has occurred under that resolution(s) which remains outstanding.
Prince George's County, Md., Code § 10-182.07 (2026)
Sec. 10-182.07. Borrowings from the General Fund to the Capital Project FundLinkCopy Citation
(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.