Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1953-06-25

merely After simultaneously with the making
determination the issuance of the bonds of such
may authorized resolution resolutions of the County
principal exceeding the amount estimated
proceeds of the bonds of such seres
amount equalng the principal amount bonds be set
County applied only for pay
the expense projects of said class
said making such estimate determination including
of printing and delivering and other of issuance of said
bonds and any other incidental expenses and the OF the
receipts of the County for previously
projects said type class and balance
of such proceeds together with part of the set aside which
required for the payment of the cost and of such
ec shall be promptly applied payment of such bonds they
become due.
Subject the provisions of section hereof the
shall bear such designation and such
dates mature such time times bear interest at such rate
rates payable at such time times be nsuch denomination
nominations be in such FORM either coupon or registered carry such
registration conversion reonverson privileges be executed by
such officers and such be payable in such medium of
men at such places within without the State of Maryland
subject option the
resolution resolutions of the County Council authorizing such
bonds subsequent resolutions of the County Council adopted
to their issuance.
Sec a. The bonds of each such series shall mature in such
nsamen exceeding thirty 500
and beginning not than from the date of such bonds
may be determined by the resolution resolutions the County
Council authorizing such bonds and of such saments shall
be less than fifty centum 5000 of other nsament
shall higher
than five centum (5fo)
bonds shall be subject provisions
sections 49, SO and "a of Article 81 of the Annotated Code of
land 95 edition. amended and the County Council may
deliver and sell said bonds at public sale such and
such price it by resolution determine provided
that sale shall be for prices less than the face
of said bonds and accrued interest thereon.
G issued upon the full
faith and credit of the County which hereby pledged to the
ual of the principal thereof and the interest thereon
they shall be payable from unlimited ad vaom levied
all assessabe property within the limits of the County
the resolution County
the issuance of such bonds shall provide every
that such bonds will be outstanding the County
and the County Council shall levy be levied ad
all the assessabe property within the corporate limits
OF the County rate and sufficient for the
mnt when DUE of the interest and principal of all such
becoming due such fiscal In the event the from the
any year prove inadequate
additional shall be levied the succeeding year
to make up any such deficiency.
Sec All such bonds shall have and hereby declared
have, between successive holders all qualities
of negotiable instruments under the negotiable instruments law of
the State of Maryland the extent provided in section
Article Maryland 951 edition. as
amended
Section Any and all
the income derived hereom the hands of the holders
time time hereby be exempt
from State, County and city taxation of every kind
whatsoever in the State of Maryland
Sec the extent that the
principal thereof together with principal
bonds certificates of indebtedness other obligations there
toe issued by the County then outstanding
debt limit of the County, shall exceed ten centum O)
the asseabe basis of the County the time of issuance of such
bonds.
Sec TO- The powers granted by this additional
cumulative and the bonds authorized by this Act may be issued
that the Montgomery County 1852 Bond Act
other laws provide for the issuance other the
rowing of for the similar purposes
other terms and conditions.
Sec IL The provisions of this Act severabe and if any
of its provisions shall be held unconstitutional invalid by any
court of competent jurisdiction the decision of shall
affect impair of the provisions hereby
to be the Legislative intent that this
had such unconstitutional invalid decisions
therein
Sec H. This Act be cited the montgomery County
School Bond Act"
Passed. May 90 1853.
Bill No. IL
AN ACT to authorize the County the