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Session Laws, 1947
Volume 411, Page 25   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR. 25

by him until such approval shall have been obtained and
endorsed upon the voucher, requisition or other instrument
calling for the payment or disbursement of any such funds.

335N. The maturing principal and interest of the bonds
hereby authorized shall be primarily payable from the pro-
ceeds of the collection of so much of the tax hereinabove
authorized to be levied by the provisions of this Act as shall
actually be levied in the area herein established, or from
time to time enlarged. In each year that any of the bonds
hereby authorized may be outstanding, the Board of County
Commissioners of Montgomery County are hereby authorized
and directed to levy said tax in an amount sufficient to meet
the budget of the Upper Montgomery County Volunteer Fire
Department, Inc., and also to meet the principal and interest
maturity payments on the bonds hereby authorized and, in
every such year, said tax shall be levied at such rate, not
exceeding the maximum herein provided by this Act, as will
produce sufficient funds for the maintenance and operation
expenses hereinabove referred to and for the debt service
on the bonds hereby authorized.

335-O. If, at any time, said tax, levied at the maximum
rate herein or hereafter authorized by law, shall prove in-
adequate for the foregoing purposes, then the Board of
County Commissioners of Montgomery County shall, and
they are hereby directed and empowered to levy unlimited
ad valorem taxes upon all the assessable property within
the corporate limits of the County sufficient in amount to
make up the deficiency in the sum necessary to meet the
principal and interest maturities of any of the bonds autho-
rized hereby and outstanding at the time of such levy, it
being the intention hereof that said bonds hereby authorized
shall be issued upon the full faith and credit of the County
Commissioners of Montgomery County, but that said debt
service charges shall constitute a first lien upon the pro-
ceeds collected from the special ad valorem tax hereinabove
provided for and levied under the provisions of this Act.

335P. Nothing herein contained shall be construed as a
limitation or restriction upon the normal operation of the
said Upper Montgomery County Volunteer Fire Department,
Inc., or the said Fire Board herein created, or the proper
expenditure of the proceeds of the said special tax, after de-
ducting from the proceeds thereof the amounts necessary
for the debt service on the bonds hereby authorized, as
aforesaid.

 

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Session Laws, 1947
Volume 411, Page 25   View pdf image (33K)
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