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Session Laws, 1920
Volume 539, Page 1381   View pdf image (33K)
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ALBERT C. RITCHIE,, GOVERNOR 1381

factory to the State Roads Commission of Maryland, the said
road from Wilson Lane to its intersection with the boundary
line of Potomac Election District, and the said County Com-
missioners shall issue coupon bonds under the corporate seal
of said County Commissioners for the-amount borrowed under
the provisions of this Act, the said bonds to be signed by the
President of the Board of County Commissioners and counter-
signed by the Clerk thereof, in sums not less than one hun-
dred dollars ($100) and not more than five hundred dol-
lars ($500) ; said bonds to bear interest from date of issue
thereof at the rate of not more than 5 per centum per annum,
payable semi-annually, and which said interest to the maturity
of each of said bonds, respectively, for the interest due and
payable thereon, and which said bonds shall have printed on
them a distinct reference to this Act authorizing their issue.

SEC. 3. And be it further enacted, That all bonds issued
under the provisions of this Act shall be redeemable as fol-
lows, that is to say, not less than one thousand dollars
($1,000) thereof in one year from the date of their issue and
thereafter annually one thousand dollars ($1,000) each and
every year until the whole amount of said bonds and coupons
shall have been fully paid ; and to this end the said County
Commissioners shall issue the said bonds in series, redeemable
in their proper order; and the said bonds shall be sold after
due advertisement at public, or private sale, in the discretion
of said County Commissioners, and none of said bonds shall
be sold for less than par and accrued interest.

SEC. 4. And be it further enacted, That the said County
Commissioners shall cause to be levied upon and collected on
the assessable property of the Seventh Election District an
additional tax annually sufficient to pay the said bonds and
interest or coupons as they severally mature, as provided here-
in ; and the said special tax or levy shall be a lien upon the
taxable property of said Seventh Election District of said
county, and the said tax shall be collected in a like manner
as other taxes levied in said county are collected, and when
collected shall be applied, as hereinafter provided, to the pay-
ment of said bonds as they severally mature and the interest
thereon, semi-annually, which said bonds and coupons, when
issued, shall be a lien upon the taxable property of said Mont-
gomery County and shall be noncontestable for any cause


 

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Session Laws, 1920
Volume 539, Page 1381   View pdf image (33K)
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