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Session Laws, 1927
Volume 569, Page 843   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 843

bonds are presented by said Commission to them for endorse-
ment, provided however, that in the event that the seven cent
(7c) tax provided for in Section 9 of this Act is levied and
collected throughout the District the proceeds of the sale, of
bonds issued under this Section shall be expended in that por-
tion of each County within the District in such proportion as
the assessable basis of such portion of either County bears to
the assessable basis of the whole of said District; and provided
further that in the event that the seven cent (7c) tax provided
for in Section 9 of this Act is levied and collected only through-
out Montgomery County the proceeds of the sale of bonds issued
under this Section shall be expended within that portion of the
District within Montgomery County and upon the recommenda-
tion of the members of the Commission from Montgomery
County.

SEC. 9. And be it further enacted. That for the purpose of
retiring the bonds authorized to be issued by this Act and the
payment of interest thereon, there shall be levied against all
assessable property within that portion of the District located in
Montgomery County by the County Commissioners of Mont-
gomery County, annually, a tax sufficient to pay the interest on
said bonds as it becomes due and to pay the principal thereof as
they mature, such tax in any one year not to exceed seven (Te)
cents upon each one hundred dollars ($100) of, assessed valua-
tion of the assessable property within that portion of the Dis-
trict located in Montgomery County. Said tax shall be deter-
mined, levied, collected and paid over in the following manner:
at least thirty days before the tax levying period of each year,
the County Commissioners of Montgomery County shall cer-
tify to the Commission the whole valuation of assessable prop-
erty within that portion of the District located within Mont-
gomery County. Said 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 out-
standing 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
payments of interest and principal on said bonds, as hereinafter
provided, it shall determine the number of cents per one hun-
dred dollars necessary to raise the said amount and shall so cer-
tify to said Board of County Commissioners. The said County
Commissioners in their next annual levy shall levy said tax on

 

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Session Laws, 1927
Volume 569, Page 843   View pdf image (33K)
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