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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 2369   View pdf image (33K)
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DORCHESTER COUNTY. 2369

as hereinafter provided for the payment of interest and principal of said
bonds, shall be likewise kept by them as a separate fund.

1922, ch. 423, sec. 4.

550. For the purpose of redeeming the said bonds authorized to be
issued by this Act, and for the payment of interest thereon, there shall be
levied by "The Commissioners of Vienna" against all of the assessable
property within the corporate limits of Vienna, annually, so long as any
of said bonds are outstanding and not paid, a tax sufficient to pay the
interest on said bonds as said interest shall become due and payable and
to levy such sums in addition as may be required, and to pay or redeem
said bonds as the same mature from time to time, until all of said bonds
have been paid. Said tax shall be determined, levied, collected and paid
over in the following manner: at least thirty days before the tax levying
period of each year, "The Commissioners of Vienna" shall determine the
amount necessary to be raised for the ensuing year for the payment of
the interest on all outstanding bonds, and for the redemption of a bond
each year, as hereinbefore provided, and they, "The Commissioners of
Vienna" shall determine the number of cents per hundred dollars neces-
sary to raise the said amount; "The Commissioners of Vienna" in their
next annual levy shall levy said tax on all land and improvements, and
any other property assessed for municipal purposes within the town of
Vienna, which said tax shall be levied or collected as the town taxes are
now, or may be hereafter by law, levied and collected, and have the same
priority rights, bear the same interest and penalties, and in every respect
be treated the same as other taxes of Vienna now are; from the money
so received "The Commissioners of Vienna" shall first pay all interest on
said bonds as it matures, and shall redeem one of said bonds in each and
every year, as hereinbefore provided, beginning two years after date of
issue of said bonds; should receipts from said taxes and assessments be
inadequate to pay said interest and redeem one bond in each and every
year, as hereinbefore provided, by reason of default or otherwise, such
deficiency shall be added to and collected in the next year's taxes. "The
Commissioners of Veinna are authorized to pay interest on any bonds
they may issue prior to the first tax levying period out of the proceeds of
the sale of said bonds. In order that prompt payment of interest on the
bonds and a prompt redemption of one of said bonds shall be made in
each and every year, the first of said bonds to be redeemed two years after
said date, as hereinbefore provided, the prompt and proper performance
of the respective acts and duties heretofore defined, is specifically enjoined,
and a failure upon the part of "The Commissioners of Vienna," or any
of their agents, to perform the necessary acts and duties hereinafter set
forth, to pay over the said funds as required, or to use said funds, or
any part thereof, for any purpose other than for the payment of the inter-
est and redemption of said bonds, as hereinbefore specifically provided, is
hereby declared a misdemeanor, and punishable as other misdemeanors
are punishable by Section 562 of this Article.
75

 

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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 2369   View pdf image (33K)
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