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Session Laws, 1931
Volume 580, Page 1168   View pdf image (33K)
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1168                      LAWS OF MARYLAND.                  [CH. 459

a sinking fund sufficient to retire all such certificates as they
mature, and shall levy annually against all the assessable
property within the said Montgomery County Suburban Dis-
trict such sum or sums as may be necessary to raise such
amount (less the sums then in hand and to be received in
each year from the said special assessments provided for in
this section, which said sums shall, as aforesaid, be applied to
and shall constitute the primary fund for the payment of the
interest on and the retirement of said certificates of indebted-
ness); provided, that in the event such sums so levied on the
assessable property within the said Montgomery County Sub-
urban District shall not be sufficient for the purposes, afore-
said, then the said County Commissioners shall levy annually
against all taxable property in Montgomery County a sufficient
sum to make up the deficiency. The Board of County Com-
missioners are hereby authorized, empowered and directed to
issue and sell temporary certificates of indebtedness bearing
interest at not to exceed six per centum per annum maturing
on or before eighteen (18) months after date, and to use the
proceeds thereof to defray the cost of construction of the afore-
said streets, sidewalks, curbs and gutters as the work pro-
gresses and before the levy can be made upon the property
benefited thereby. The interest on such temporary certificates
of indebtedness shall constitute one of the items of cost of such
improvements and shall be included in the amount levied as
hereinbefore provided against the property abutting thereon.
When the said construction work shall have been completed
and the levy made therefor against the abutting property
found to be specially benefited and the permanent certificates
of indebtedness hereinbefore referred to shall have been sold,
the Board of County Commissioners shall use the proceeds
thereof to liquidate the temporary certificates of indebtedness
-and the failure of the Board of County Commissioners so to
»do shall render each individual Commissioner personally liable
thereon provided he shall fail to vote for such retirement. In
'the event the proceeds of the sale of the permanent certificates
of indebtedness shall not be sufficient or in the event the col-
lection of the special assessments shall be enjoined or rendered
impossible, the Board of County Commissioners is hereby
authorized, empowered and directed to levy upon the taxable
property in the Montgomery County Suburban District an
amount sufficient to retire the temporary certificates of in-
debtedness together with interest thereon.

 

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Session Laws, 1931
Volume 580, Page 1168   View pdf image (33K)
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