Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1882-04-14
PUBLIC LOCAL LAWS.
Funding the School Debt.

CHAPTER 38.
AN ACT to authorize and empower the Coun-
~ Commissioners Of Montgomery county to
fund certain indebtedness of the Board of
County School Commissioners Of Montgom-
cry county 10y issuing bonds therefor, and
TO levy tax for the payment Of the same
WHRREAs, The County School Commission
ers OF Montgomery county became indebted
for certain sums Of money at different times TO
maintain their schools aud 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
Us to be paid of gradually,
SEcrlos / Be !, enacted by the General
Assembly OF Maryland, That the County Com
missioners of Montgomery county be and they
are hereby authrized and empowered, In their
discretion, TO issue bonds TO an amount not
exceeding eighteen thousand dollars, In sums
" nol less ,han one hundred nor moro In S
one thoasand dollars each, 70 De eiQnel 81.
The President Of the Board Of said Cn1uEF
Commissioners aud conntersigned BY The
Clerk OF said Board aud 10 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
lectors of taxes for said county 10 payment Of
county taxes; provided that said bonds shall
be advertised and sold to the highest bidder
or bidders, ut not less than their face value,
by the County Commissioners Of said Mont
gomery county, for cash.
Sec 2. And be il enacted, That said bonds
shall be issued TO mature at such dates 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-
ble at 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 II enacted, That to redeem
said bonds, the County Commissioners Of
Montgomery county shall annually levy upon
the assessable property of said county a tax
sufficient TO pay the interest thereon and the
principal of such portion rs may mature in
each and every year after the date Of their
issue and said levy shall be designated as
School Debt Fund" :
Sec. a And be il enacted that the proceeds
arising from the aforementioned bonds shall
be paid over by the County Commissioners 10
the Treasurer Of the School Commissioners
Of said county, who shall Immediately apply
said proceeds To the payment 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, q 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
siOners from the Treasurer of the State and
they shall not borrow any sum or sums of
mOner 10 ANY one year Ia excess Of their ac-
tual rec,ip aud incomes for such year, us
provided by law; and II shall not be lawful
for said County School Commissioners TO con-
tract or pay any debt 10 excess Of the annual
revenues provided by law for school proposes,
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. g. And be il enacted, That all laws
Inconsistent with The provisions OF this Act
be and the same are hereby repealed.
Sec. 7. And be 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 KEILH0TZ,
Speaker Of the House Of Delegates.
GEO HAWKINS WILLIAMS,
mar 3l3to President OF the Senate.