Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1882-03-31
NelC advertisements.
PUBLIC LOCAL LAWS.
Funding the School Debt.

CHAPTER SO.
AN ACT to authorize and empower the Coun-
ty Commissioners OF Montgomery county to
fund certain Indebtedness Of the Board OF
County School Commissioners Of MontgOm-
cry county by issuing bonds therefor, and
10 levy tax Tor the payment OF the same
WHEREAS, The County School Commission
ers OF Montgomery county became indebted
for certain sums of money ut different times to
maintain their schools and provide school
houses, which said sums OF money are due
and unpaid and whereas il is desirable that
said Indebtedness should be provided for, SO
as to be paid off gradually, E.Et
SECTION ! Be ii enacted by the General
Assembly OF Maryland, That the County Com
missoners OF Montgomery county be and they
are hereby authrized and empowered, in their
discretion, TO issue bonds 10 an amount not
exceeding eighteen thousand dollars, in sums
of not less than one hundred nor more Than
one thousand dollars each, to be signed by
the President of the Board of said County
Commissioners and cOuntersIgned by The
Clerk OF said Board, and to bear interest
at rate not TO exceed five per cent. per an
mum, payable semi-annually on the first days
Of June and December in each and every year
during which the said bonds may run, and
remain unpaid, and the coupons for interest
on said bonds shall be receivable by the Col
ectors of taxes for said county in payment Of
county taxes provided that said bonds shall
be advertised and sold to the highest bidder
or bidders, at not less than their face value,
by the County Commissioners of said Mont
gomery county, for cash.
Sec. Q. And be it enacted, That said bonds
shall be issued to mature at such daies as shall
not require the payment in any one year of
more than twenty-five hundred dollars of the
principal sum thereof, and shall be redeema-
BILE ut the pleasure of said County Commits
sioners, at or before their maturity but none
OF said bonds shall be issued TO mature before
the first day of June, in the year eighteen
hundred and eighty three.
Sec. 3. And be it enacted, That 10 redeem
said bonds, the County Commissioners Of
Montgomery county shall annually lew upon
the assesSable property of said county tax
principal OF such portion as may mature in
each aud every year after the date of their
issue and said levy shall be designated as
"School Deb, Fund"
Sec. 4. And be it enacted that the proceeds
arising from the aforementioned bonds shall
he paid over by the County Commissioners TO
the Treasurer Of the School Commissioners
Of said county, who shall Immediately apply
said proceeds to the pay ment of the aforesaid
Indebtedness now due by said School Commits
sioners, and to no other purpose.
Sec. 8. And be it enacted, That hereafter
the School Commissioners of said county shall
not expend Tor school purposes, or for any
other purpose, greater sum of money in any
one year than shall be annually levied for
school purposes by the County Commissioners
Of said county, in addition to the amount an
nually received by the said School Commits
soners from the Treasurer of the State and
they shall not borrow any sum or sums of
money in any one year in excess of their ac-
tual receipts and incomes for such year, as
provided by law; and it shall not be lawful
for said County School Commissioners to con-
tract or pay any debt in excess Of the annual
revenues provided by law for school perposes,
nor shall the County Commissioners OF said
county assume or pay any debt or portion
thereof contracted in violation of the provis-
ions OF this act,
Sec. q. Aud be il enacted, That all laws
inconsislen, with the provisions of this Act
be aud lbe same are hereby repealed.
Sec. I. Aud he il enacted, That this Act
shall take effect from the date of its passage
Approved this 18th day OF March, 1882.
WILLIAM T. HAMILTON,
Governor.
OTIS KElLHOTZ,
Speaker OF the House of Delegates
GEO HAWKINS WILLIAMS,
mar 81 .3tO President Of the Senate.