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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 3978   View pdf image (33K)
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3978 ARTICLE 17.

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
bale 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
portion of the district within Montgomery County and to pay over to the
Commission for the purposes set forth in 'Section 727 of this subtitle the
difference between the amount collected from said seven cent tax and the
amount necessary to pay the interest and principal on said bonds; and if
no bonds are issued then the whole amount collected from the said seven
cent tax shall be paid to the Commission and used for the purposes here-
inbefore set forth, provided that the moneys collected from the tax on
assessable property within that portion of the district of Montgomery
County, shall be expended within that portion of the district within Mont-
gomery County. Upon the affirmative vote of all of the members of the
Commission from Prince George's County requesting such action, the
County Commissioners of Prince George's County may, within their dis-
cretion, in the first year of such levy, and shall thereafter levy annually
in the manner provided in this section against all assessable property
within that portion of the district located in Prince George's County not
to execed in one year seven (7c.) cents upon each one hundred dollars
($100.00) of assessed valuation of the assessable property within that por-
tion of the district located in Prince George's County. Such tax shall be

 

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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 3978   View pdf image (33K)
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