3490 ARTICLE 16.

amount necessary to be raised for the ensuing year for the payment of
interest and proportionate part of principal of outstanding bonds, the
amount to be paid on the principal of said bonds in any one year to be
determined by the usual table of redemption of bonds by annual deposit
in a sinking fund on interest, and after deducting all amounts in hand
applicable to payments of interest and principal on said bonds, as herein-
after provided, it shall determine the number of cents per one hundred
dollars necessary to raise the said amount and shall so certify to said
Board of County Commissioners. The said County Commissioners in
their next annual levy shall levy said tax on all land and improvements
and any other property assessed for county tax purposes in Montgomery
County within said District, which tax shall be levied and collected, and
liave the same priority rights, bear the same interest and penalties and in
every respect be treated the same as county taxes. The tax so levied for
the ensuing year shall be collected by the tax collecting authorities and
every sixty days they shall remit the whole amount of the tax so collected
to the said Commission. From the money so received, together with the
amount in hand to the credit of said bond fund, said Commission shall
first pay all interest 'on said bonds as it matures, and shall then deposit in
some bank or banks in Montgomery County to the credit of the County
Commissioners of Montgomery County and said Commission, as a joint
fund, to be known as the "Sinking Fund Account," the amount so raised
for payment of the principal of said bonds. Said Commission and the
said County Commissioners shall, from time to time, invest said Sinking
Fund in any bond or bonds in which savings or trust funds are authorized
to be invested by National Banks by the United States Treasury Depart-
ment. Should receipts from said tax or other sources be inadequate to
deposit the principal payment on said bonds, by reason of defaults or
otherwise, said deficency shall be added to and collected in the next year's
tax. The said Commission is authorized to pay the interest on any bonds
it may issue prior to the first tax levying period out of the proceeds of the
sale of said bonds. In order that the prompt payment of interest and the
proper provision for the payment of the principal of said bonds shall be
assured, the prompt and proper performance of the respective acts and
duties heretofore defined is specifically enjoined, and any failure upon
the part of any person, persons, body corporate or agent to perform the
necessary acts and duties hereafter set forth, to pay over the said funds
as required or to use said funds or any part thereof for any other purpose
than for the payment of the principal and interest on said bonds, is hereby
declared a misdemeanor and punishable as other misdemeanors are pun-
ishable under Section 602 of this subtitle. In the event that the amount
necessary to be levied in any year on the assessable property within that
portion of the district within Montgomery County to pay the interest and
principal on such bonds as may be issued does not require a levy of a tax
of seven cents on each $100.00 of assessable property, then the County
Commissioners of Montgomery County are authorized and directed to levy
.a tax of seven cents on each $100.00 of assessable property within that