Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1914-05-08
Public Local Laws.
CHAPTER SIS.

AN ACT to validate and to authorize and
empower the County Commissioners of
Montgomery county to fund certain In
debtedness contracted by the Board of
County School Commissioners of Mont
gomery county and deficiency in the
cost OF the public schools for the cur
rent school year and to issue bonds of
said county therefor. and to levy a tax
for the payment of the same.
Whereas, The Board of County School
Commissioners of Montgomery county be-
came indebted for certain sums of money
at different time to maintain the public
schools Of and to provide and equip GER
tain school houses of said county. which
said Indebtedness is represented by notes
or other evidences of Indebtedness of said
Board Of County School Commissioners of
said county, held by the First National
Bank OF Gaithersburg in the principal
sum Of fifteen thousand ($15,OOO) dollars,
the Farmers Banking and Trust Company
in the principal sum of fifteen thousand
($l5,OOO) dollars. the Poolesvile National
Bank in the principal sum of three thous-
and five hundred ($3, 5000 dollars, and by
an advance or advances from the Treas
urer of said County on the direction of
said County Commissioners of said coun-
ty in the further aggregate sum of ten
thousand ($l0,000) dollars, and by an es
timated outlay in excess of the estimated
income of said Board of County School
Commissioners for the school year ending
July 81, 1914, amounting to about fifteen
thousand ($l5,0O0) dollars; and
Whereas, 1t is desirable that said in
debtedness and deficiency should be pro-
vided for so as to be paid off gradually.
Section |. Be it enacted by the General
Assembly of Maryland, That the action
of the Board of County School Commits
sioners of Montgomery county in incur
ring the indebtedness and the deficiency
in this Act recited and the County Com
missioners in making the advances there
in specified, be and the same are hereby
ratified and confirmed and the indebted
ness incurred. be and the same is, hereby
declared valid and subsisting.
Sec. q And be it enacted That the
County Commissioners of Montgomery
county be. and are hereby authorized and
empowered. in its discretion, to issue
bonds to an amount not exceeding fifty
eight thousand five hundred dollars, in
sums of not less than one hundred dollars
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 sealed with the seal of the office, and
dated on the day of their issue, and to
bear interest at rate not to exceed five
per centum per annum, payable semi
annually on the first days of April and
October in each and every year during
which the said bonds may run and re-
main unpaid, and the coupons for inter
est on said bonds shall be receivable by
the Treasurer of said county in payment
of county taxes; provided. that said bonds
shall be advertised and sold to the high
est bidder or bidders, at not less than
their face value, by the County Commits
sioners Of said Montgomery county, for
cash.
Sec. 3. And be it enacted, That said
bonds shall be issued so as to mature the
principal of fifteen hundred dollars in one
year from date and three thousand dol
lars each year thereafter, until the same
shall be paid off.
Sec. 4. And be it enacted, That to re-
deem said bonds the County Commission
ers of Montgomery county shall annually
levy upon the assessable property of said
county tax sufficient to pay the interest
thereon and the principal of such por-
tons as may mature in each and every
year after the date of their issue; and
said levy shall be designated as the
School Debt Fund"
Sec. S. And be it enacted, That the
proceeds arising from the aforementioned
bonds shall be paid over by the County
Commissioners to the Treasurer of the
said Board of County School Commission
ers of said county, less the amount of said
advance through the Treasurer of said
county as aforesaid, with proceeds so re-
ceived by said Board of County School
Commissioners of Montgomery county
shall Immediately be applied to the pay
ment of the Indebtedness recited in the
preamble to this Act and the balance
thereof to be applied by said Board of
County School Commissioners to or to-
ward the payment of any deficiency there
may be in the conduct of the public
schools of said county during the current
school year, and to no other purpose
whatsoever.
Sec. 6. And be it enacted, That this
Act shall take effect from the date of its
passage.