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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 4127   View pdf image (33K)
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PRINCE GEORGE'S COUNTY. 4127

property within the Sanitary District. Said Sanitary Commission shall
then determine the amount necessary to be raised for the ensuing year for
the payment of interest and proportionate part of principal of all out-
standing 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 payment of interest and principal on said
bonds, as hereinafter provided, it shall determine the number of cents per
$100 necessary to raise the said amount and shall so certify to each 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 within said Sanitary Dis-
trict, which tax shall be levied and collected as county taxes now are 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 county taxes. The tax so levied for the ensuing year shall be
collected by the respective tax collecting authorities, and every sixty days
they shall remit the whole amount of the tax so collected to the said Sani-
tary Commission. From the money so received, together with the amount
in hand to the credit of said bond fund, said Sanitary Commission shall
first pay all interest on said bonds as it matures, and shall then deposit in
some bank or banks in one or both of said counties to the credit of the
County Commissioners of both Counties 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 re-
spective 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 U. S. Treasury De-
partment. Should receipts from said tax or other sources be inadequate to
deposit the principal payment on said bonds, by reason of defaults or
otherwise, such deficiency 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 nec-
essary 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 by Section 1035 of this subtitle.

1918, oh. 122, sec. 7. 1920, ch. 518, sec. 7.

1020. Whenever the plans and specifications for water supply, sewerage
or drainage systems for any district shall have been completed and said

 

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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 4127   View pdf image (33K)
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