Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1953-06-18

ference merely section After simultaneously with the making
of determination the issuance of the bonds of such
may authorized resolution resolutions of the County
principal exceeding the amount
The proceeds of the bonds of such SERIES
equang principal said bonds, shall set
County funds and applied only for
the and of projects of said class named
said resolution making determination including
of printing delivering and other of issuance of said
other incidental and the the
for projects of said class and balance
of together with of the aside which
for the of the cost and of such
ect shall be promptly applied of such bonds
become due.
Subject the provisions of section hereof the
shall such designation such
dates time times bear interest
payable times be insuh denomination
nominations either coupon registered carry
registration privileges executed by
manner payable such medium pay
place places within without the State of Maryland
and be subject to such terms of redemption at the option of the
County with without premium be determined by
resolution resolutions of the County Council authorizing such
bonds subsequent resolutions of the County Council adopted prior
to their issuance.
Sec A. The bonds in such
number of consecutive annual nstaments exceeding thirty
be determined by the resolution resolutions Of the County
Council authorizing such bonds such nsamens shall
be less than fifty per (5O of other instalmen
None of such bonds shall bear rate rates higher
than five centum $50 annum.
bonds shall be subject the provisions of
49, Mary
95 edition., County may
deliver and sell said bonds public sale such
such prices by resolution determine provided
that sale shall be for price prices less than the face value
of said bonds and accrued interest thereon.
All bonds shall upon full
faith credit of County, which hereby pledged pune
ua the principal thereof and the interest thereon and
they shall be payable from unlimited ad vaorem levied upon
all assesable within the limits of County
and the resolution or resolutions OF the County Council authorizing
the issuance of such bonds shall In each fiscal
that such bonds will be outstanding the County
the County Council shall levy
of the County in and amount sufficient provide for the
mnt when DUE the interest principal of all such bonds
becoming year. proceeds the
taxes levied such fiscal shall inadequate for such
payment additional succeeding
to make any such deficiency.
All such shall have hereby
have between successive holders all qualities
the State of Maryland the extent provided in section 81
Article 81 of the Annotated Code of Maryland 9 edition.
amended.
Any and all such bonds and the interest thereon and
the income derived hereom the hands of the holders thereof
from time to tme shall be and hereby declared be exempt
from State County and city taxation of every kind
whatsoever in the State of Maryland Ban +. "a i
Sec No such bonds shall be issued the the
principal thereof together with the principal of all
ore issued by the County and then outstanding which affect the
debt limit of the County, shall O) upon
the aessabe basis of the County at the time of issuance of such
bonds
Sec TO- The powers granted by this
cumulative and the bonds authorized by this Act issued
notwithstanding that the Montgomery County Bond
other laws provide for the
rowing of for the similar purposes the
other and conditions.
H. The provisions of this Act severab
of its provisions shall be held unconstitutional invalid any
court of competent jurisdiction the decision such shall
affect impair of the remaining provisions hereby declared
be the Legislative intent that this Act would
had such unconstitutional invalid
therein.
Sec r. This Act be cited the Montgomery County
School Bond Act"
Passed: May 49, 1853.
Bill No. IL
authorize County to fix rates in the