Ch. 478 LAWS OF MARYLAND

THE MANUAL SIGNATURE OF THE CLERK OF THE COUNTY
COMMISSIONERS OF CECIL COUNTY.

67-24. BONDS EXEMPT FROM TAXATION.

THE BONDS ISSUED PURSUANT TO THIS CHAPTER, THEIR
TRANSFER, THE INTEREST PAYABLE THEREON AND INCOME DERIVED
THEREFROM IN THE HANDS OF THE HOLDERS THEREOF FROM TIME TO
TIME (INCLUDING ANY PROFIT MADE IN THE SALE THEREOF) SHALL BE
AND ARE HEARBY DECLARED TO BE AT ALL TIMES EXEMPT FROM
TAXATION OF EVERY KIND AND NATURE WHATSOEVER BY THE STATE
OF MARYLAND OR BY ANY OF ITS POLITICAL SUBDIVISIONS OR BY ANY
TOWN OR INCORPORATED MUNICIPALITY OR BY ANY OTHER PUBLIC
AGENCY WITHIN THE STATE OF MARYLAND.

67-25. LIMIT ON TOTAL ISSUE OF BONDS; REFERENDUM NOT
NECESSARY.

AT NO TIME SHALL THE TOTAL ISSUE OF BONDS OUTSTANDING FOR
ANY PURPOSE, UNDER THIS CHAPTER, EXCEED FIFTEEN PERCENT (15%)
OF THE TOTAL VALUE OF PROPERTY ASSESSED FOR COUNTY TAXATION
PURPOSES. WHENEVER THE COUNTY SHALL PROPOSE TO ISSUE BONDS
PURSUANT TO THE AUTHORITY CONTAINED IN THIS CHAPTER, SUCH
POWER MAY BE EXERCISED AND BONDS MAY BE ISSUED THEREFOR
WITHOUT SUBMITTING SUCH PROPOSAL OR SUCH ISSUE TO A
REFERENDUM OF THE REGISTERED VOTERS OF THE COUNTY FOR
THEIR APPROVAL OR REJECTION.

67-26. PAYMENT OF INTEREST AND PRINCIPAL; AD VALOREM TAX.

THE PAYMENT OF INTEREST ON, AND PRINCIPAL OF ANY BONDS
ISSUED PURSUANT TO THIS CHAPTER, SHALL BE PROVIDED FROM THE
FUNDS RECEIVED FROM THE LEVY AND COLLECTION OF THE BENEFIT
ASSESSMENTS AND THE IMPOSITION OF CONNECTION, SERVICE AND
OTHER CHARGES AS HEREINBEFORE IN THIS CHAPTER PROVIDED IN
§§ 67-17 THROUGH 67-20, INCLUSIVE, HEREOF. TO THE EXTENT THAT
SUCH FUNDS FROM ALL SUCH SOURCES ARE INSUFFICIENT TO PAY THE
PRINCIPAL OR INTEREST ON ANY BONDS ISSUED UNDER THIS CHAPTER,
THE COUNTY COMMISSIONERS OF CECIL COUNTY IN EACH AND EVERY
FISCAL YEAR IN WHICH SUCH BONDS ARE OUTSTANDING SHALL LEVY
AND COLLECT AD VALOREM TAXES UPON ALL ASSESSABLE PROPERTY
WITHIN THE CORPORATE LIMITS OF CECIL COUNTY IN RATE AND
AMOUNT SUFFICIENT TO PROVIDE FOR SUCH PAYMENTS WHEN DUE,
AND IN THE EVENT THE PROCEEDS FROM THE TAXES SO LEVIED IN ANY
FISCAL YEAR ARE INADEQUATE FOR THE ABOVE PURPOSES, THE
COUNTY COMMISSIONERS OF CECIL COUNTY SHALL LEVY ADDITIONAL
TAXES IN THE SUCCEEDING FISCAL YEAR TO MAKE UP ANY DEFICIENCY.
THE COUNTY TREASURER IS HEREBY REQUIRED TO COLLECT THE TAX
SO LEVIED, IN THE SAME MANNER AS STATE AND COUNTY TAXES ARE

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