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Session Laws, 1931
Volume 580, Page 933   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR.                  933

dent and clerk of the Board of County Commissioners of Mont-
gomery County within twenty days after the bonds are pre-
sented by said Commission to them for endorsement; provided,
however, that in the event that the said seven (7c) cent tax is
levied and collected throughout the district the proceeds of the
sale of bonds issued under this section shall be expended in that
portion of each county within the district in such proportion as
the assessable basis of such portion of either county bears to
the assessable basis of the whole of said district; and provided
further, that in the event that said seven cent (7c) tax is levied
and collected only through Montgomery County the proceeds
of the sale of bonds issued under this section shall be expended
within that portion of the district within Montgomery County
and upon the recommendation of the members of the Com-
mission from. Montgomery County; and provided further, that
for the purpose of complying with the provisions and securing
the funds authorized to be appropriated under Paragraph or
Sub-section (b) of Section 1 of the Act of the Congress of
the United States, known as Public Act 284 of the 71st Con-
gress, entitled "An Act for the acquisition, establishment, and
development of the George Washington Memorial Parkway
along the Potomac from Mount Vernon and Fort Washington
to the Great Falls, and to provide for the acquisition of lands
in the District of Columbia and the States of Maryland and
Virginia requisite to the comprehensive park, parkway and
playground system of the National Capital, " the Commission
may, at its discretion, issue serial bonds to an amount not ex-
ceeding $1, 200, 000. 00, on account of lands to be acquired
within Montgomery County. Such bonds, if and when issued,
shall be of such denominations and at such an interest rate not
exceeding five per cent, per annum, and of such date as the
Commission may within its discretion determine, and shall
mature in not more than sixty (60) years from date. Such
bonds shall be guaranteed by Montgomery County and en-
dorsed by the President and Clerk of the Board of County
Commissioners of Montgomery County in the manner pro-
vided above in this section, and shall be sold under such rules
and regulations as the Commission may determine, and the
proceeds of such sale shall be used for the purpose of repaying
or retiring the amount advanced to the Commission under the
provisions of said Public Act 284, on account of lands to be
acquired within Montgomery County, but no purchaser of said
bonds or holder thereof shall be required to see to the applica-

 

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Session Laws, 1931
Volume 580, Page 933   View pdf image (33K)
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