Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1953-06-11

ference merely After simultaneously with the making
determination such
series be authorized resolution resolutions of the County
Council principal exceeding the
and determined The proceeds of the bonds of such SERIES
uang the principal of said bonds shall be
aside from other County funds used and applied
OF he cost and expense OF projects OF SAID type or class named in
said resolution making estimate determination including
of printing and delivering and other of
bonds and other incidental and the
tax the County for previously
pended hom for projects of said Glass;
of proceeds together with the aside which
is required for the the cost and
ects shall be promptly applied they
become DUE
Subject provisions hereof the bonds
of each such series shall bear such designation such
dates, such time times rate or
nominations be in such FORM either registered
registration privileges be executed bv
officers such manner payable
ment such place places within without the State Maryland
and be subject to such terms of redemption the option Of the
County with without premium determined the
resolution resolutions of the County authorizing
bonds subsequent resolutions the County Council
to their issuance.
a. of series shall mature in such
number of namen exceeding thirty 500
and beginning not than from the bonds
be determined by the resolution resolutions of the County
Council authorizing such bond and such namens
be less than fifty cenum (5O%) of other nament
any higher
than five cenum $50 per
sec5 Such bonds shall be subject provisions
sections SO "a of Article 81 of the Annotated Code of Mary
land (951 edition. amended the County may
deliver and sell said bonds public
price prices as may by resolution determine provided
that sale shall be for prices less than the face
of said bonds and accrued interest thereon.
Sec g. All such bonds and shall be issued the
faith and credit of the County, which hereby pledged
payment of the principal interest thereon
they shall be payable unlimited upon
all assessabe property within the limits of the County
County authorizing
the of such bonds shall provide
that such bonds will be outstanding, County
and the County Council shall levy be levied aOrem
taxes all the asseabe property within the corporate limits
of the County provide pay
when DUE of the interest and principal all
becoming due such fiscal In the the
taxes levied such fiscal shall inadequate for such
additional shall be levied in the succeeding fiscal
to make up such deficiency.
Sec such bonds shall have and are hereby declared to
have between successive holders all the qualities
negotiable instruments the negotiable
the State of Maryland the provided in
Article 81 of the Maryland 1851 edition),
amended.
Any interest thereon and
the income derived theeom the hands of the holders thereof
from time to e shall and hereby declared to be exempt
from State County city taxation of kind
whatsoever in the State of Maryland.
Sec g. No such bonds shall be
principal thereof together with the principal all
bonds certificates of Indebtedness other obligations there
tofore issued by the then outstanding which
debt limit of the County, shall 900 upon
the basis of the County at the time of issuance of such
bonds. ~4a MMME
10. The powers granted by and
authorized by this Act may be issued
notwithstanding that the Montgomery County
other laws for the issuance of other bonds the bo
rowing purposes
other terms and conditions.
provisions this are severable and any
of its provisions shall be held unconstitutional invalid
of competent jurisdiction decision shall
affect impair of the remaining provisions hereby declared
be the legislative intent that this would been adopted
had such unconstitutional invalid
therein. .@&AM &
School Bond
Passed. May 30 1853