Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1956-11-01

llospltdl 10 be located within the
Silver Spring Hospital District;
and providing for the establish
ment of the 18th Election District
OF the county, excluding and ex-
cepting thereform the area with.
IN the present boundaries of all
presently incorporated areas ~
ing within said District. as a spe-
clal taxing area to be known as
the Silver Spring Hospital Dis
trict and setting the boundaries
thereof; and further providing
that the said District shall be pri.
marily liable for payment of the
interest and principal of the
bonds as they mature by the levy
OF a special tax on all assessable
property in the District in an
amount not exceeding seven 70
cents on each one hundred dol
lars of assessable property in the
District, otherwise the bonds to
be paid by an unlimited ad va
loren tax on all aSsessable prop
erty in the county; further pro.
viding that two members of the
County Council shall be appoint
ed to the Board of Trustees of
the Hospital Association; and fur
Their prescribing the terms and
conditions upon which the pro-
ceeds of the bonds shall be de.
livered to the Association, and
the terms and conditions upon
which said bonds shall be issued
and delivered and other incidental
details with respect thereto.
BE IT ENACTED BY THE
COUNTY COUNCIL FOR MONT
GOMERY COUNTY, MARY
LAND, that
Section l. Montgomery County,
Maryland, is hereby granted the
power and authority at any time
and from time to time, within
five 90 years from the effective
date of this Act, to borrow money
and incur indebtedness and to ev-
idence said borrowing or indebt-
edness by the issuance of its Sc
rial maturity bonds upon the full
faith and credit of the county, sub
ject to the terms and conditions
hereinafter set forth, in a princi-
pal amount not exceeding $780,
900; and the said county is autho-
riZed and empowered to contrib
ute and deliver in whole or in
part the net cash proceeds of such
bond issue, or issues, to the Board
of Trustees of the Silver Spring
Hospital Association, Inc, a non
profit Maryland corporation i'm
pressed with the public interest,
to be used and applied by said
corporation exclusively for the
purpose of defraying in part the
cost of the erection and construc-
ton, including the development
of the site therefor, the architec-
tural and engineering services in
cident thereto and the acquisition
and installation of necessary fur
nishings, medical and surgical
equipment, and other fixed per-
manent equipment therefor, of a
public general hospital to be To-
Gated within the boundaries of the
Silver Spring Hospital District, as
established in Section 4 of this
Act.
Section 2. The bonds authorized
to be issued by this Act shall be
payable primarily from fund to
be established consisting of the
proceeds of special taxes levied
annually against all assessable
property within the Silver Spring
Hospital District, as more partic-
ularly defined by Section 4 of this
Act as special taxing area.
The County Council is hereby
authorized and directed in and for
each and every fiscal year dur.
ing which any of the said bonds
are outstanding to levy and cause
to be collected annually a special
ad valorem tax on all assessable
property lying and situated with,
in the Silver Spring Hospital Dis
trict in an amount sufficient to
provide for the payment when
due of the interest and principal
of all such bonds becoming due
in such fiscal year. The special
tax shall not exceed seven Cd
cents on each one hundred dol
lars of assessed value of property
within said District for any single
fiscal year.
If the proceeds from such spe-
cial tax levied in any fiscal year
shall prove inadequate for pay.
ment of the principal and interest
of all bonds becoming due in such
fiscal year, special tax shall be
levied in the succeeding fiscal year
in an amount sufficient to provide
for such deficiency in addition to
providing for payment, when due,
of the interest and principal of
bonds becoming due in that year
In any fiscal year in which a
special tax at the highest permit
VENTE ANN