Chapter V Financial Affairs Article 107 a. Public taxes shall only be established, amended and abolished by law, and persons shall only be exempted from paying them wholly or in part in those cases prescribed by law. A person may only be instructed to pay other taxes, duties and costs within the bounds of the law. b. The provisions governing the collection of taxes, duties and other public monies, and the procedures for their disbursement, shall be prescribed by law. c. The provisions governing the maintenance and management and the terms for the disposition of State property, and the limits within which any part of such property may be assigned, shall be prescribed by law. Article 108 a. Public loans shall be contracted by law. The State may lend or guarantee a loan by law within the credit limits prescribed for the purpose in the Budget Law. b. Local bodies such as municipalities or public institutions may lend, borrow or guarantee a loan in accordance with the laws relevant to them. Article 109 (Amended) a. The financial year shall be prescribed by law. b. The Government shall prepare the annual general budget draft law, inclusive of revenues and expenditures. It is thereto submitted to both Councils of Deputies and Consultative within at least two months before the end of the fiscal year. The finance committees of each Council shall convene in a joint meeting to discuss the drafted budget with the Government. Each committee shall submit an independent report at the end of discussions to its respective Council. The draft law shall be submitted to the Council of Deputies for debate and revert it to the Consultative Council for 42