Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1960-06-09
Chapter z
(BILL NO. I'D

upon it's full faith and credit parking the
hesda Parking Lot District prescribing the terms and
dons upon which said bonds shall be issued and delivered
and other incidental details with respect thereto and provid
the application of the proceeds of such BONDS and for
the levy of taxes for the payment of the principal and in
terest thereof.
by County Montgomery County
Maryland, that
Sec Montgomery County, Maryland hereby authorized
any time and from time to time its faith and credit to
money and incur Indebtedness in total amount not
exceed 100000 the purpose financing construction
and improvement of osree parking lots and facilities for the
parking Of automobiles and other vehicles for the Bethesda Park
ing Lot District described in Title Chapter 45 Section
paragraph b) entitled Bethesda Parking Lot District of the
Montgomery County Code 1885, hereafter amended
acquiring such parking lots and facilities sites therefor and
evidence of such borrowing and indebtedness to issue its bonds
time SERIES principal
amount not to exceed 100000
Sec any of said bonds the
County shall by resolution determine the
amounts estimated to be needed to the cost of
constructong improving and acquiring ofsreet parking lots
facilities District therefor including the
of printing and delivering and other of issuance of
any other incidental expenses After stimuli
taneousy with the making of such determination and estimate
of the bonds of series be authorized
resolution resolutions Of the County Council principal
amount not exceeding the amount amounts estimated
shall be that such resolution resolutions shall
designate the site sites of such osree parking lots ac
being the hereof that bonds may be issued here
prior selection of any such site sites The
ceed of the bonds of such SERIES to amount equang the
principal of said bonds shall be set aside from other
County funds and used ana appropriated only Tor payment OF
and of ofseet parking lots and facilities ncud
ing the of printing and delivering and other Of is
of said bonds and other incidental and the
reimbursement of the general tax receipts of the County for
moneys previously expended theefom for such facilities and
balance of such proceeds together with part of the
aside which required for payment Of the cost and
expense of street parking lots and facilities shall be prompt
y applied of such bonds they become DUE
Sec g. Subject to the provisions Section hereof the
such shall bear such designation and such
date or dates mature at such time times
ha
denominations be in such form either regis
tered carry such registration conversion reconverson prv
eges executed by such officers and in such be
able such medium OF at such place or places WITHIN
without the State of Maryland and be subject to such terms
redemption the option of the County with without
may determined by the resolution resolutions of
the County Council authorizing such bonds subsequent rsou
the County Council adopted to their issuance
Sec each such series shall mature in such
number of consecutive annual nsamens not exceeding thirty
800 and beginning than from the date of
bonds may be determined by the resolution resolu
tons of the County Council authorizing such bonds and no
of such nstaents shall be less than fifty per cenum 5000
nsaen None of such bonds shall bear interest
any higher than five cenum (596) per
annum.
Sec S. Such subject the provisions
Article 81 of the Annotated Code OF
Maryland Edition. and the County Council issue de-
liver said public sale in such and for
price prices may by determine provided
that sale shall be for price prices less than the face value
of said bonds and accrued interest thereon
Sec such bonds shall be issued upon the full faith
credit County which pledged
payment of the principal thereof and interest thereon and they
shall payable primarily from the and other funds col
Parking Lot District pursuant Title
Chapter 45 Section paragraph (b entitled Bethesda Park
ing Lot District of the Montgomery County Code 1885,
hereafter amended but such and other funds in
sufficient for such purpose such bonds shall be payable from
limited ad vaorem levied upon all assessabe property with
in the County and the resolution resolutions of the County
Council authorizing Of such bonds certificates of
indebtedness shall provide In each and fiscal that
bonds will be outstanding the County and the
tn
by Chapter As sufficient
provide the payment due Of the interest and pnc
Of all such bonds becoming due in such fiscal and
the of estimated receipts from such special taxes
geter with other available the payment such
interest and principal shall be insufficient such interest
and principal the County shall levy to be levied ad
vaorem upon all the assesabe property within the Coun
able for the payment Of the interest and principal Of such bonds
Indebtedness prove inadequate such
additional taxes shall be levied in the succeeding fiscal
year to make up any such deficiency.
Sec All such bonds shall have and hereby declared
have between successive holders all the qualities and Incl
dents of negotiable instruments under the negotiable instruments
law Of the State of Maryland to the extent provided Section
Article 81 of the Annotated Code Maryland 1887 Ed
tom.
Sec Any interest thereon and
the income derived ererom in the hands of the holders there
of from time time shall be and hereby declared
ept from State County and municipal taxation of kind
and nature whatsoever in the State Of Maryland.
Sec The powers granted by this Act additional
cumulative and the bonds authorized by this Act may
Notwithstanding that other laws provide for the
other bonds the borrowing Of money for the
purposes on the other terms and conditions.
Sec TO- The provisions of this Act severable any
hv