Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1960-06-23
Chapter z
(BILL NO. I'D


y Maryland in principal amount not exceeding $1OOoOo
its full faith and credit for parking lots for the Be-
thesda Parking Lot District prescribing the terms and con-
dions which said bonds shall be issued and delivered
other incidental details with respect thereto and prov
ing the application the bonds and for
the levy Of taxes for the of the principal and in
thereof.
by County Council Montgomery County,
Maryland, that
Sec Montgomery County Maryland is hereby authorized
time and from time to time its faith and credit to
money to Indebtedness in total not
to exceed 100000 for the of financing the construction
and improvement of offeet parking lots and facilities for the
parking automobiles and other vehicles for the Bethesda Park
ing District described in Title Chapter 45 Section
paragraph (b), entitled Bethesda Parking Lot District of the
Montgomery County 1855 hereafter amended
or acquiring such parking lots and facilities or sites therefor and
evidence of such borrowing and indebtedness issue It's
time time to time various series, in principal
amount not to exceed 100000.
Sec Before the issuance of any series of said bonds the
County Council shall resolution determine the or
estimated be needed to the cost of
constructing improving and acquiring offsreet parking lots
facilities District and sites therefor including the
of printing and delivering and other of issuance of
any incidental expenses After stimuli
taneousy with the making Of such determination and estimate
authorized by
resolution resolutions of the County Council principal
exceeding the estimated. 1t
shall that such resolution resolutions shall
designate the sites of such ofstree parking lots fa
ties being the intent hereof that bonds be issued here
under prior the selection of such site sites The
principal bonds shall be aside from other
County funds used and appropriated only for of the
cost and Of ostreet parking lots and facilities
of printing delivering and other of is
said bonds and other incidental and the
the general receipts Of the County
previously expended therefro for such facilities and
any balance proceeds together with part the
aside which required for of the cost and
of Off street parking lots and facilities shall be prompt
y applied to payment of such bonds they become DUE
Sec g. Subject to the provisions Section hereof
series shall bear such designation and such
date dates mature at such time times bear interest at such
rate rates payable such time or times be In such denona
denominations either coupon regis
carry registration conversion reconverson priv
eges be executed by such officers pay
medium payment such place places within
without the State Of Maryland and be subject such terms
of redemption the option of the County with without
may be determined by the resolution resolutions Of
the County Council authorizing such bonds subsequent
the County Council adopted prior their issuance
Sec The bonds Of each such series shall mature in such
number consecutive annual insamens not exceeding thirty
900 beginning than from the date Of
bonds may determined the resolution reso
tons County authorizing such bonds
of such nstalmens shall be less than fifty centum 1907
of other nsment None Of such bonds shall bear interest
any higher than five per cenum (5%) per
annum.
shall subject the provisions of
Sections 10 and II of Article 81 of the Annotated Code of
Maryland Edition., County Council may de-
liver sell said bonds public sale in such and
price prices may by determine provided
shall be price prices less than the face value
Of said bonds and accrued interest thereon
All such bonds snail be issued upon the Iuu
and credit Of the County which hereby pledged the punctua
payment principal thereof and interest thereon and they
shall payable primarily the and other funds col
ected from the Bethesda Parking Lot District II Title
Chapter 49, Section paragraph (b) entitled Behesds Park
Lot District of the Montgomery County Code 1885,
hereafter II such and other funds
such bonds shall be payable from
limited ad valorem levied all asessabe property with
in County and the resolution resolutions Of the County
Council authorizing the issuance of such bonds certificates of
indebtedness shall provide In each and fiscal that
bonds will be outstanding the County and the
County Council shall levy to be levied the special taxes
authorized by said Chapter as amounts sufficient
provide for the when due of the interest and pnc
pal of all such bonds becoming due in such fiscal and
the of estimated receipts from such special taxes to-
geter with other available for the of such
interest and principal shall be insufficient to such interest
principal the County shall levy to be levied ad
vaorem upon all the assesabe property within the
porate limits of the County in and amount sufficient
special and ad vaorem upon all the
together other available for the payment of
principal bonds certificates Of indebted
ness prove inadequate purpose additional
shall levied in the succeeding fiscal to make any
such deficiency.
to have holders all qualities
negotiable negotiable
Maryland the extent provided Section
Article Annotated Code Of Maryland (1957 Ed
toni.
Any all such bonds and the interest thereon and
the the holders
L-HL A~~NA.