Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1957-02-14
Legal Advertisement

able, including authority to make
such notifications in the forms
adopted by such ordinance as will
not alter the substance of such
| forms.
c. An ordinance so authorizing
any such bonds may also pro
vide:
"a That the principal of an
interest on said bonds shall be
payable at one or more banks
or trust companies, which may be
either within or without the state.
~ That the official signatures
and seals to be affixed to any
such bonds or the coupons if any
attached thereto, except one such
official signature, which shall be
manually affixed, shall be- i'm
printed on said bonds or coupons
in facsimile.
CD That any such bonds shall
be redeemable in whole or in part
at the option of the Mayor and
Council at any time prior to the
respective maturities thereof at
such price or prices, either at or
above the par value of such bonds
as the Mayor and Council may
prescribe in the enabling ordi-
nance, provided that any such
bonds shall contain a statement
of such redemption provisions and
provided further that such en-
abling ordinance shall make pro-
vision for due and proper prior
published notice of any such re-
demption.
(4) That any such issue of
bonds shall be in varying denomi
nations and shall be in coupon
form, registerable as to principal
only, or in fully registered form,
or both, provided that if both
forms are authorized, the same
shall be interchangeable.
go That,in the event any of
fetal whose signature shall ap-
pear on any such bonds shall
cease to be such official prior
to the delivery of such bonds or,
in the event any such official
whose signature shall appear on
any such bonds shall have become
such after the date of issue there
of, said bonds shall nevertheless
be valid and binding obligations
in accordance with their terms.
(6) That the taxes or other rev
enues, or both, from which the
principal of or interest on any
such bonds are expressly made
payable, may be paid in whole
or in part to bank or trust com.
pany designated by the Mayor
and Council, for administering
and disbursement pursuant to a
trust instrument between the
Mayor and Council and such bank
or trust company
d. The Mayor and Council may
in accordance with the procedure
set forth in this section issue
and sell bonds payable as to prin-
cipal and interest solely from the
revenues of one or more revenue
producing projects of the City,
which bonds shall not constitute
an Indebtedness to which the full
faith and credit or taxing power
of the City are pledged.
e. The Mayor and Council shall
not authorize the issuance of any
tax anticipation notes maturing
later than 1S months from their
respective dates of issue, nor the
issuance of any general obligation
or revenue bonds maturing later
than 40 years from their respec-
tive dates of issue.
f. The Mayor and Council I'M
us discretion may sell any bonds,
whose issuance is authorized by
this section, by private nePoti-
alton, provided the terms of such
sale by private negotiation are
more favorable to the City than
any of the competitive bids re
ceived. Whether such bonds are
sold upon competitive bids or by
such private sale, the sale may be
for less than the par or face
value of such bonds. No bonds
issued hereunder shall bear in
terest at a rate in excess of so
per annum on the par or face
value thereof.
6. Nothing contained in this