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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 389   View pdf image (33K)
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DEBT—PUBLIC. 389

(b) To provide for the replacement of lost, destroyed or mutilated
bonds.

(c) To covenant, to set aside or pay over reserves and sinking funds
and as to the disposition thereof;

(d) To redeem the bonds, and to covenant for their redemption, and
to provide the terms and conditions thereof.

(e) To covenant against extending the time for the payment of bond
interest, directly or indirectly, by any means or in any manner.

(f) To covenant as to its books of account and as to the inspection and
audit thereof and as to the accounting methods.

(g) To make covenants other than, and in addition to, the covenants
herein expressly authorized, of like or different character.

(h) To make such covenants and do any and all such acts and things
as may be necessary or convenient or desirable in order to secure its
bonds, or in the absolute discretion of the governing body of the munici-
pality tend to make the bonds more marketable, notwithstanding that
such covenants, acts or things may not be enumerated herein; it being the
intention hereof to give a municipality power to do all things in the
issuance of bonds and for their security that may be consistent with "the
Constitution of Maryland.
1933 (Special Sess ), ch. 30, sec. 10.

18. All of the bonds issued and sold pursuant to any of the provisions of
this sub-title shall be and remain the direct, valid and binding obligation
of the municipality issuing them, issued upon its full faith and credit,
and any such municipality shall levy a tax upon all the assessable prop-
erty within the limits of said municipality sufficient to pay the principal
and interest on any of such bonds as the same shall mature, in each and
every year that any of said bonds are outstanding, provided, however, that
the amount of said tax so levied in any one year shall be reduced by the
amount of any such special assessments, fees, rents, tolls or other charges
collected by said municipality from said public works projects and pledged
by said municipality for the payment of the bonds so issued pursuant
to the provisions of Section 16, sub-paragraph (b) of this sub-title.

Any holder of the bonds of the municipality issued pursuant to this
sub-title shall have the right, subject to any contractual limitations binding
upon such holder, and subject to the prior rights of others, by mandamus
or other suit, action or proceeding at law or in equity, to enforce his
rights against the municipality, and the governing body of the munici-
pality and any officer, agent of employee of the municipality, including
the right to require the municipality and the governing body and any
proper officer, agent or employee of the municipality to assess, levy and
collect taxes and special assessments, and to fix and collect fees, rents,
tolls or other charges adequate to carry out any agreement as to, or pledge
of such special assessments, fees, rents, tolls, or other charges, and to
require the municipality and the governing body of the municipality and
any officer, agent or employee of the municipality to carry out any other


 

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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 389   View pdf image (33K)
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