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Session Laws, 1941
Volume 582, Page 429   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 429

indebtedness a sum not exceeding Five Thousand ($5, 000. 00)
Dollars, which shall be repaid out of the first available monies
derived from the sale of the first bonds issued thereafter.

430. For the purpose of retiring the bonds authorized by
this Act to be issued and of paying the interest thereon, or in
connection with the water supply or the water, drainage or
sewerage system therein, the Commission shall cause to be
levied against all assessable property within said Sanitary
District in respect of which said bonds have been issued by the
County Commissioners of Anne Arundel County annually so
long as any of said Bonds are outstanding and not paid, a tax
sufficient to provide such sum, if any, as the Commission may
deem sufficient and necessary, in conjunction with any amounts
to its credit in the current interest and Sinking Fund account
provided for in Section 436 of this sub-title plus such addi-
tional amount as the Commission may estimate that it will be
able to collect out of the benefit assessments therefor levied by
it but not yet paid and any other funds then available for the
purpose, to meet the interest on said Bonds as it becomes
due and to pay the principal thereof as the bonds mature, and
said tax shall be determined, levied, collected and paid over
in the manner following; That is to say: At least sixty days
before the tax levying period of each year, the County Com-
missioners shall certify to the Sanitary Commission the whole
valuation of the assessable property within each District.

430A. The Commission shall then determine in the manner
above prescribed the amount which it deems necessary to be
raised during the ensuing year for the payment of interest
and the proportionate part of principal of all outstanding
Bonds and the amounts to be paid into the Sinking Fund for
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 or
in contemplation applicable to payments of interest and prin-
cipal on said bonds as hereinbefore and hereinafter in the Act
provided, it shall determine the number of cents per f 100. 00
necessary to raise the said amount for the District or sub-
district and shall certify the same to the Board of County
Commissioners.

430B. The said County Commissioners in their next annual
levy shall levy said tax on all land and improvements and all
other property assessed for County tax purposes within the
respective District or sub-district, which tax shall be levied
and collected and have the same priority right, bear the same
interest and penalties and in every respect be treated the
same as County taxes.

 

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Session Laws, 1941
Volume 582, Page 429   View pdf image (33K)   << PREVIOUS  NEXT >>


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