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Session Laws, 1931
Volume 580, Page 515   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR.                  515

SEC. 4. And be it further enacted, That the actual proceeds
of the sale of said bonds shall be used exclusively for the fol-
lowing purposes, to wit: (a) For the payment of the cost of
engraving or printing of said bonds and for the payment of the
cost of advertising authorized by this Act and all other inci-
dental expenses in connection with the issuance of said bonds;
(b) The remainder of the proceeds of the sale of said bonds
shall be used, expended and applied by the said Board of Coun-
ty Commissioners for the following purposes, to wit:

(1) To pay for such proportion of the 1929-1930-1931
Montgomery County school construction program as may re-
main unpaid on the date that the proceeds of the sale of said
bonds herein authorized are available, and to refund such pro-
portion of such Montgomery County school construction pro-
gram as may have been temporarily financed by either the
Montgomery County Board of Education or the Board of
County Commissioners of Montgomery County, or both, on the
date on which the proceeds from the sale of the bonds herein
authorized become available.

(c) The remainder of the proceeds from the sale of said
bonds after payments of the amount hereinabove authorized
shall be expended by the Board of Education of Montgomery
County, with the approval of the Board of County Commis-
sioners of Montgomery County, for the betterment of the school
system of said county.

SEC. 5. And be it further enacted, That for the purpose of
paying the interest on said bonds and for redeeming the said
bonds as they mature, the said Board of County Commission-
ers of Montgomery County shall for the year of issuance and
annually thereafter until all of said bonds issued under the
authority of this Act shall mature and be redeemed, levy a tax
upon the assessable property in said county sufficient to pay the
annual interest on said bonds outstanding, and to redeem said
bonds as they mature and become due, said taxes to be col-
lected as other taxes levied in said county are collected.

SEC. 6. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety, and being
passed upon a yea and nay vote, supported by three-fifths of
all of the members elected to each of the two Houses of the

 

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Session Laws, 1931
Volume 580, Page 515   View pdf image (33K)
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