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Session Laws, 1918 Session
Volume 486, Page 253   View pdf image (33K)
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EMERSON C. HARRINGTON, GOVERNOR. 253

present outstanding bonds issued by authority of Chapter 313
of the Acts of 1916, out of the funds derived from any issue
of bonds under this Act.

SEC. 6. And be it further enacted, That, for the purpose of
retiring the bonds authorized to be issued by this Act and the
payment of the interest thereon, there shall be levied against
all the assessable property within said Sanitary District, by
the County Commissioners of Montgomery and Prince George's
Counties, annually, so long as any of said bonds are outstand-
ing and not paid, a tax sufficient to meet the interest on said
bonds as it becomes due, and to pay the principal thereof as
they mature, said tax to be determined, levied, collected and
paid over in the following manner: At least thirty days be-
fore the tax levying period of each year, the respective County
Commissioners shall certify to the Sanitary Commission the
whole valuation of assessable 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

outstanding 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 herein-
after 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 Com-
missioners 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 District, 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 respec-
tive tax collecting authorities, and every sixty days they shall
remit the whole amount of the tax so collected to the said
'Sanitary 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 Com-
-missioners of both Counties and said Commission, as a joint

 

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Session Laws, 1918 Session
Volume 486, Page 253   View pdf image (33K)
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