Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-12
PARK BOND ISSUE
TO Be UP TONIGHT
Montgomery Federation to
Continue Meeting Recessed
Tuesday Morning.
BY a stan Correspondent of The star.

BETHESDA, Md, March 12.-Ap-
prevail of the general terms of proposed
legislation to amend the organic Law
of the Maryland-National Capital Park
and Planning Commission is carried in
one of five reports of the Montgomery
County Civic Federation's Committee
on Public Finance and Budget which
the federation will be asked to adopt
at meeting tonight in the Bethesda
Elementary School.
Recessed Meeting.
Tonight's meeting is to be a con-
tinuation Of the session which recessed
at o'clock Tuesday morning, when 1t
became apparent that all necessary
business to come before the federation
could not be considered at that time.
Three Of the remaining four reports
Of the Finance Committee already have
been made public. The fourth report
indorses the proposal to grant county
taxpayers the alternative of paying their
taxes in annual or semi-annual install
ments.
The only fault the committee finds
with the proposed park legislation Is
the provision which would permit re-
tirement of bonds by a sinking fund.
The resolution it will offer the fed
Grafton for adoption recommends that
the bill be amended to eliminate the
authority to create a sinking fund and
requiring the issuance Of bonds In serial
form only
The proposed bill would enable Mont
gomery County to take advantage Of a
Federal loan under the Cramton act,
which authorizes a Federal loan to
Maryland authorities of 100000 and
an outright gift of Sl,500,000 for the
acquisition Of land In the stream valleys
Of Montgomery and Prince Georges
Counties.
Bonds for Montgomery.
Montgomery County's share of the
funds would be $2,7oo,ooo and Prince
legislation calls for the issuance of
81 200 900 in bonds by the Planning
Commission for acquisition of land in
Montgomery County.
Regarding the sinking fund provision
of the proposed law, the report sets out:
THE existing law provides that bonds
Of the Maryland National Capital Park
and Planning Commission shall be re-
tired by means of a sinking fund. The
proposed legislation provides for their
retirement serially by a sinking fund,
but eliminates all the safeguards that
the existing law throws around the
sinking fund. Among these safeguards
Is the specification of the character of
securities in which the funds may be
invested. the specification of the deposit
and withdrawal procedure and the pro-
visions for penalties for misuse of the
sinking fund.
The elimination of these safeguards
is serious and emphasize the we'll known
evils and abuses possible under a sink
ing fund system. This committee rec
ommends that the authority to retire
the bonds by means of a sinking fund
be eliminated from the proposed legis-
lation and that the serial retirement
system only be authorized. The serial
retirement system now is used as to
all bonds issued by the county COM
miSsioners."
To Get School Report.
The three other reports, which al
ready have been made public, call for
Endorsement of three bills now before
the Maryland Legislature. The meas
ures are for the creation of a perma-
nent board of assessment, the creation
of a county disbursing committee and
for the issuance Of 2,144, 900 school and
road bonds.
A report Of the Committee on Schools
also is to be presented at the federation
meeting tonight by the committee chair
man, Robert z. Bondy.