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Session Laws, 1931
Volume 580, Page 213   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR.                  213"

County Commissioners of Anne Arundel County, said guar-
antee shall be indorsed on each of said bonds in the following
language: "The payment of interest when due and of the
principal at maturity is guaranteed by the Mayor, Counsellor
and Aldermen of the City of Annapolis and the County Com-
missioners of Anne Arundel County, Maryland, " Such en-
dorsement shall be signed on each of said bonds by the Mayor
and Clerk of the City of Annapolis and by the President and
Secretary or Clerk of the Board of County Commissioners of
Anne Arundel County, within twenty days after the bonds are
presented by said Commission to them for endorsement. In
the event of any liability under the above guarantee, such
liability for each agency shall be in such proportions of the
assessable basis as that part of either agency within the Sewer-
age District bears to the assessable basis of the whole of said-
district.

SEC. 6. And be it further enacted, That for the purpose of
retiring the bonds authorized to be issued by this Act, the pay-
ment of the interest thereon, and the payment of funds as:
provided under Section 8 of this Act, there shall be levied
against all the assessable property within said Sewerage Dis-
trict, by the Mayor, Counsellor and Aldermen of the City of
Annapolis and the County Commissioners of Anne Arundel
County, annually, so long as airy of said bonds are outstanding
and not paid, a tax sufficient to meet the interest on said, bonds
as it becomes due, and to pay the principal thereof as they
mature, and for the funds as provided under Section 8 of this
Act; said tax to be determined, levied, collected and paid over
in the following manner: At least thirty days before the tax
levying period of each year, the respective agencies shall certify
to the Sewerage Commission the whole valuation of their assess-
able property in the Sewerage District. Said Sewerage Com-
mission shall then determine the amount necessary to be raised
for the ensuing year for the payment of interest and propor-
tionate part of principal of all outstanding bonds, and the pay-
ment of funds as provided under Section 8 of this Act, 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 payment of
interest and principal on said bonds, as hereinafter provided,
it shall determine the number of cents per one hundred dollars
necessary to raise the said amount and shall so certify to the

 

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Session Laws, 1931
Volume 580, Page 213   View pdf image (33K)
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