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Session Laws, 1933 (Special Session)
Volume 578, Page 97   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR, 97

their respective dates, and such notes may be renewed from
time to time, and new notes may be issued at such times, in
payment thereof, provided, however, that all such notes
and renewals thereof shall mature within five years from
the date of the issuance of such original notes, and, pro-
vided further, that the proceeds of the sale of such new
or renewal notes shall be applied solely to the payment of
the notes for the retirement of which said new or renewal
notes are issued. Prior to the issuance of said notes the
Board of County Commissioners of Montgomery County
shall pass a resolution reciting that, in the opinion of the
said Board, it is deemed necessary to expend certain specific
sums for certain functions of the County Government for
which no appropriation or an insufficient appropriation has
been made in the annual appropriation resolution and that
an emergency appropriation is necessary to provide for
said functions, and said resolution may authorize the issu-
ance and sale of the notes provided for herein to provide
funds to meet said emergency appropriation, provided,
however, that the amount of said notes authorized to be
issued and sold in said resolution shall not exceed the
amount of the emergency appropriation authorized therein.

Said notes and said new or renewal notes shall be and
remain the obligations of the County Commissioners of
Montgomery County issued upon its full faith and credit,
and the entire property subject to taxation in said county
shall be liable for the payment thereof, and said Board of
County Commissioners of Montgomery County shall levy
a tax upon all property subject to assessment in said
county sufficient to provide funds for the payment of the
principal and interest of all such notes whenever issued,
as they respectively mature, in each and every year that
any of such notes are outstanding. If any of such notes
issued in any one fiscal year, or if any such new notes
issued in renewal thereof shall not have been paid within
four years from the date of the original notes issued in
such one fiscal year, the Board of County Commissioners
of Montgomery County shall include in the next annual tax
levy thereafter a tax in an amount sufficient to provide for
the payment of all of such notes so issued in such one fiscal
year or the renewals thereof to the end that such notes or
any renewals thereof shall mature and be paid within not
more than five years from the date of the original notes
as hereinbefore provided.

SEC. 3. And be it further enacted, That any and all of
the notes issued pursuant to the provisions of this Act and

 

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Session Laws, 1933 (Special Session)
Volume 578, Page 97   View pdf image (33K)
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