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Session Laws, 1947
Volume 411, Page 632   View pdf image (33K)
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(House Bill 364)

AN ACT authorizing and directing the Board of County Com-
missioners of Prince George's County to issue general obliga-
tion bonds of the County in a sum not exceeding Five Hun-
dred Thousand Dollars ($500,000.00), for the purpose of
making additions to the Court House of the County and to
the County Service Building at Hyattsville; to provide for
the repayment of said bonds and the interest thereon by a
general tax levy against all of the taxable property within
the County; and to provide for the manner of the expendi-
tures of the proceeds of said bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Board of County Commissioners of Prince
George's County are hereby authorized and directed to issue
general obligation bonds of said County in an amount not ex-
ceeding Five Hundred Thousand Dollars ($500,000.00), said
bonds shall bear interest at a rate not exceeding three percent
(3%), payable semi-annually; shall mature serially over a
period of twenty-five years (25) years, the amounts of maturi-
ties to be fixed by said Commissioners, said bonds shall be the
general obligations of Prince George's County, exempt from
State, County and municipal taxation within the State of Mary-
land, and in such form as may be adopted or prescribed by said
Board of County Commissioners. The said Board of County
Commissioners shall levy annually, at the time taxes are levied
for general county purposes, a tax upon all the property
assessed for county tax purposes within the said county, in an
amount sufficient to meet the principal and interest of said
bonds so long as any of them shall be outstanding; provided,
however, that if the interest matures on any one or more of
said issues before the annual levy, or before a sufficient amount
of taxes levied for the purposes of paying said interest is col-
lected, the said County Commissioners may pay said interest
out of the proceeds of the sale of said issue or issues. The
County Commissioners shall offer said bonds for sale to the
highest bidder by sealed bids delivered at a place and time
mentioned and described in one or more advertisements in-
serted in at least two newspapers published in said county,
and in papers in nearby cities as directed by the County Com-
missioners. The said Commissioners may adopt such rules
and regulations relating to said bonds and offering as they
may deem advisable.

SEC. 2. And lie it further enacted, That the proceeds re-
alized from the sale of said bonds shall be expended for


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Session Laws, 1947
Volume 411, Page 632   View pdf image (33K)
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