Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1957-02-07
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contain such other provisions, no
inconsistent with this Sector
1896, as the Mayor and Council
may deem appropriate or desir
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:
% That the principal of ar
interest on said bonds shall be
payable at one or more banks
or trust companies, which may be
either within or without the state
(2) That the official signatures
and seals to be affixed to any
such bonds or the coupons if any
attached thereto, except one sue
official signature, which shall be
manually affixed, shall be i'm
printed on said bonds or coupons
in facsimile.
90 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 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 botll
forms are authorized, the same
shall be interchangeable.
CD 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.
's1 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 18 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 in
its discretion may sell any bonds
whose issuance is authorized by
this section, by private negoti.
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.
G. Nothing contained in this
Section 1886 shall be deemed OF
construed to impair the terms and
conditions of any bonds or other
obligations of the City of Rock
vile issued prior to the effective
date of this Section.
h. The authority conferred by
this Section 1896 shall be in ad
dition to other applicable author
ity, including the provisions OF
Public General Laws of the State
of Maryland, and the Mayor and
Council of Rockville shall be en-.
titled to exercise all of the powers
therein conferred, notwithstand.