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Session Laws, 1941
Volume 582, Page 1759   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 1759

(652) (728). Immediately upon the sale of any bonds or
notes issued under the preceding section on account of lands
acquired in Montgomery County the Commission is directed
to certify to the County Commissioners of Montgomery County
the amount of bonds or notes so issued, the rate of interest
and maturities, and so long as any of said bonds or notes
shall be outstanding and unpaid, the County Commissioners
are hereby authorized and directed to levy against all prop-
erty within that portion of the Maryland-Washington Metro-
politan District within Montgomery County assessed for the
purposes of County taxation an annual tax in a sum sufficient
to pay the interest on said bonds or notes and to pay the
principal of the said bonds or notes upon maturity. The said
tax shall be levied and collected, and have the same priority
rights, bear the same interest and penalties and in every
respect be treated as county taxes. As hereinabove provided,
the proceeds of the collection of said tax shall be the pri-
mary source of revenue for the payment of the principal and
interest maturities of said bonds or notes. The tax so levied
shall be collected by the County Commissioners of Montgomery
County, and every sixty (60) days they shall remit to the Com,:
mission the whole amount of the tax so collected to date.

Said Commission may, with the consent of the County
Commissioners of Prince George's County, apply for under
Paragraphs or sub-sections (a) and (b) of Section 1 of Pub-
lic Act 284 such additional sum or sums not to exceed $800, -
000. 00 as may be legally allotted or can be advanced to said
Commission for the purpose of purchase of park land within
said county and if such funds are advanced to or for said
Commission it may enter into the same commitment or con-
tract as to funds for park purchases in Prince George's Coun-
ty, and is authorized and directed to repay the same by the
issuance and sale of bonds or notes in the same manner as
herein provided for as to Montgomery County, in which event
all of the provisions of this section and Section 8 shall apply
equally to both counties as to the respective amounts allotted
or advanced for each county. All or any of the bonds or notes
issued under this Act shall be guaranteed by the County Com-
missioners of Montgomery County, as herein provided for,
insofar as the proceeds thereof are required for the repay-
ment of advances by the Federal Government for the purchase
of park land within Montgomery County, and by the County
Commissioners of Prince George's County in so far as the
proceeds thereof are required for the re-payment of advances
by the Federal Government for the purchase of park land in
Prince George's County.

In the event any of the bonds or notes authorized to be
issued by this or the next preceding section shall be issued and

 

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Session Laws, 1941
Volume 582, Page 1759   View pdf image (33K)   << PREVIOUS  NEXT >>


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