Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1956-11-01
County Questions i.
continued from page C.5)

The county and its designated
agents are thereupon authorized
to enter into possession of the
said property, and thereafter to
operate the said facility, or lease,
sell, or transfer any of the said
property as it shall deem best for
the interest of the public. The
county is further authorized to
take all necessary action which
may be required for the enforce
ment of this section.
Section 8. Before borrowing any
money or issuing any bonds pur-
suant to the authority of this
Act, the County Council shall by
resolution, or resolutions, autho-
riZe the issuance of said bonds.
The bonds shall issue to mature
in thirty 800 annual serial in
stallments. the first principal in.
stallment maturing not more than
one % year from the date of the
bonds, and no one of such in
stallmentS shall be less than fifty
per centum 5000 of any other
installment. The county shall have
and is hereby granted full and
complete authority and discretion
to fix and determine, in said res
olution, the form and tenor of the
bonds, the rate or rates of inter
est payable thereon, or the meth
cd of arriving at the same, the
date or dates upon which said
bonds shall respectively mature
and be payable, the manner of
selling said bonds at public sale,
and generally all matters incident
or necessary to the issuance, sale
and delivery thereof; provided
that none of the bonds shall bear
interest at any rate or rates high
er than five per centum (5%)
per annum. Such bonds shall not
be subject to the provisions of
Section 80, 33, and 81 of Article
81 of the Code of Public General
Laws of Maryland 1881 Edition. i,
as amended, but said county shall
offer said bonds only by solicita
ton of competitive bids therefor
at public sale, and the County
Council shall by resolution fix the
notice, terms, and conditions of
the sale in accordance with the
notice, terms, and conditions for
public sale of public facility bonds
in Sec. 3, Oh. 9, Laws of Montgom-
cry County 1855.
Section 9. In the event that the
full principal amount of the
bonds authorized hereunder is not
used for the erection, construc-
ton, furnishing and equipment of
the hospital, the surplus shall be
applied to the payment of princi-
pal and interest upon the out
standing bonds as they mature, or
shall be used to reduce the
amount of bonds outstanding, if
possible, and taxes hereby re-
quired to be levied may be re-
duced proportionately.
Section 10. Bonds authorized
hereunder shall have, and are
hereby declared to have, as be-
tween successive holders, all the
qualities and incidents of negoti-
able instruments under the nego-
table instruments law of the
State to the extent provided in
Section 81 of Article 81 of the An
notated Code of Maryland 1881
edition., as amended.
Section II. Any and all bonds
authorized hereunder and the in
terest thereof from time to time,
shall be and are hereby declared
to be exempt from State, county
and city taxation of every kind
and nature whatsoever in the
State.
Section IL. No such bonds shall
be issued to the extent that the
principal amount thereof, togeth-
er with the principal amount of
all bonds, certificates of indebted
ness, notes or other obligations
Heretofore issued by the county
and then outstanding which af.
feet the debt limit of the county,
shall exceed ten per centum
(lO%) upon the assessable basis
of the county at the time of issu-
ance of such bonds.
Section 13. The powers granted
by this Act are additional and GU
mulative and the bonds autho-
rized by this Act may be issued
Notwithstanding that other Bond
Acts or laws may provide for the
issuance of other bonds or the
borrowing of money for the same
or similar purposes on the same
or other terms and conditions.
Section IA. The provisions of
this Act are severable, and if any
of its provisions shall be held un.
constitutional or invalid by any
court of competent Jurisdiction,
the decision of such court shall
not affect or impair any Of the
remaining provisions. 1t is hereby
declared TO be the legislative in.