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Session Laws, 1929
Volume 572, Page 1225   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 1225

to pay the difference between the whole amount of the annual
interest on said bonds outstanding and such part of said in-
terest as is met by interest accruals on the bank deposits, so
long as any of said proceeds remain on deposit.

SEC. 6. And be it further enacted, That for the purpose of
redeeming said bonds as they mature, the State Roads Commis-
sion of Maryland annually shall pay, or the Comptroller and
Treasurer of Maryland shall, on order of the State Roads Com-
mission of Maryland, pay to the Treasurer of Kent County an
amount sufficient to redeem said bonds in the year in which said
bonds mature; and the Treasurer of Kent County shall use the
payment made annually by the State Roads Commission, or by
the Comptroller and Treasurer of Maryland, on order of the
State Roads Commission, for the purpose of redeeming said
bonds as they mature, and for no other purpose whatsoever.
The payments to be made by, or on the order of, the State Roads
Commission, as directed in this Act, shall be made from any
and all sums of moneys which shall accrue to the credit of Kent
County from the receipts from the "Lateral Road Gasoline Tax
Fund, " as provided by Chapter 118 of the Acts of 1927, and any
amendments thereto, and/or the Post Road Fund and/or from
road and bridge construction and/or reconstruction funds allo-
cated to or set aside for use in Kent County by the State Roads
Commission. And the State Roads Commission shall not, in any
year, expend or incur any obligations against any of said funds
so credited, allocated to or set aside for use in Kent County,
unless there has first been paid from said funds, or any of them,
to the Treasurer of Kent County an amount sufficient to redeem
all said bonds maturing in that year.

In the event that, through amendments of existing laws, or
a reduction of receipts or appropriations for road and bridge
construction and improvement, the funds allocated to or set
aside for use in Kent County by the State Roads Commission
shall not be sufficient to redeem said bonds as they mature, then
the Board of County Commissioners of Kent County shall an-
nually levy a tax upon the assessable property in said county
sufficient, with such payments as are made by or under the or-
der of the State Roads Commission, to redeem said bonds as
they mature and become due; and in the event that no pay-
ments are made by or under the order of the State Roads Com-
mission, then the Board of County Commissioners of Kent
County shall levy a tax sufficient to pay all of said bonds as
they mature or become due; said taxes to be collected as other
taxes levied in said county are collected.

SEC. 7. And be it further enacted, That the question whether
said "Public Road Bonds of Kent County, 1929" shall or shall


 

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Session Laws, 1929
Volume 572, Page 1225   View pdf image (33K)
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