Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1960-06-16
Chapter z
(BILL NO. I'D


its full faith and credit for parking lots for the Be-
thesda Parking Lot District prescribing the and
dions which said bonds shall be issued and delivered
and other incidental details with thereto and provd
ing for the application of the of such bonds and for
the levy the payment of the principal and in
terest thereof.
Be Enacted County Council for Montgomery County
i Maryland, that
Sec l. Montgomery County Maryland hereby authorized
time and from time to time its faith and credit to
borrow and incur Indebtedness in total amount not
to exceed 100000 for the purpose OF financing the
improvement ostreet 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 Code 1885, hereafter amended
acquiring such parking lots and facilities sites therefor and
borrowing indebtedness bonds
time from time time in various SERIES in principal
amount not to exceed 100000
any series of said bonds the
County Council shall by resolution determine the amount or
estimated to be needed the cost of
constructing improving and acquiring ostreet parking lots
and facilities for such District and sites therefor including the
of printing and delivering and other of issuance of
said other incidental expenses After stimuli
taneousy with making determination and estimate
issuance of the bonds of such series be authorized by
resolution resolutions of the County Council in principal
amount exceeding the amount amounts estimated
shall necessary that such resolution resolutions shall
designate the site sites of such ofsret parking lots ac
being the intent hereof that bonds may be issued here
under prior to the selection of such site sites The
ceeds of the bonds of such SERIES equang the
principal of said bonds shall be set aside from other
County funds used appropriated only for of the
expenses offreet parking lots and facilities incud
the cost of printing and delivering and other of is
said bonds and other incidental and the
reimbursement of the general receipts of the County for
previously expended heefrom for such facilities and
balance of such proceeds together with part OF the sum
aside which required for payment of the cost and
expense offsreet parking lots and facilities shall be prompt
y applied payment of such bonds they become due
Subject the provisions Section hereof the
shall bear such designation such
date or dates mature at such time times interest
ton denominations be in such form either regis
tered carry such registration conversion reconveson priv
ege be executed by such officers and in such be
able in such medium of such place places within
without the State of Maryland and be subject such terms
of redemption at the option of the County with without
be determined the resolution resolutions of
County authorizing subsequent resol
County Council adopted prior their
Sec The bonds of each such series shall mature in such
number of consecutive annual nstaments exceeding thirty
1907 and beginning than from the date of
may determined the resolution resolu
tons of the County Council authorizing such bonds and
of such nsaments shall be less than fifty cenum t50)
other nstamen None bonds shall interest
rate rates higher than five centum $50 per
annum.
Sec Such bonds shall subject the provisions of
Sections 10 and II Article 81 of the Annotated Code of
Maryland 1887 Edition. and the County Council ISSUE
and sell said bonds at public sale in such and for
such price prices by resolution determine provided
that sale shall be for price prices less than the face value
of said bonds and accrued interest thereon.
Sec All such shall issued upon the full faith
and credit of the County which is hereby pledged to the pucua
of the principal thereof and interest thereon they
shall be payable primarily from the and other funds col
lected from the Bethesda Parking Lot District Title
Chapter 49, Section paragraph (b entitled Bethesde Park
ing Lot District of the Montgomery County Code 1885,
hereafter amended but such and other funds
sufficient fer such such bonds shall be payable from
limited ad valorem levied all assessab property with
in the County and the resolution
Council authorizing the issuance Of such bonds certificates of
Indebtedness shall provide In each and fiscal that
such bonds will be outstanding the County and the
County Council shall lew or cause TO be levied the special taxes
authorized by said Chapter as
pal of all such bonds becoming in such fiscal year.
the of estimated receipts from such special
gether with other available for the
interest and principal shall be insufficient
and principal the County shall levy be levied ad
vaorem taxes all the assessabe property within the
porate limits of the County in and amount sufficient
provide for such payments In the event that the
from such special and ad vaorem upon all the
sessabe property within the County levied in fiscal
together with other available for the
interest principal
shall inadequate for such additional
shall be levied in the succeeding fiscal year make up any
such deficiency. <t-,
i All have hereby
to have between successive holders all the qualities and
dents negotiable instruments under the negotiable
law of the State of Maryland the provided
of Article 81 of the Annotated Code of Maryland
tom.
Sec Any and all such bonds and the interest thereon
the income derived heefrom in the hands of the holders there
of from time time shall be and hereby declared be
emp from State County and municipal taxation of every kind
and nature whatsoever in the State of Maryland
Sec The powers granted by this Act additional