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Session Laws, 1943
Volume 584, Page 1959   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 1959

share of the State Income Tax, and in Montgomery County
an amount equal to one-half of the County's share of the State
Income Tax plus one-half the profits of the County Dispensary
as turned over to the County Treasurer. The Commission is
hereby authorized and empowered from time to time during
any fiscal year to borrow such sums of money on promissory
notes, to be known as Tax Anticipation Certificates of In-
debtedness to bear interest at not exceeding six per centum
(6%) per annum, to be signed by the Chairman and the
Secretary-Treasurer of the Commission, as may be necessary
to meet its expenses within Montgomery County under this
Act and also to meet debt service payable from said tax on the
bonds first authorized in the next preceding section, said sums
of money to be borrowed from any bank or institution or in-
dividual willing to lend the same, and said Commission is
hereby authorized from time to time to reissue or renew its
said Tax Anticipation Certificates of Indebtedness at the same
or a greater interest rate not exceeding six per centum (6%)
per annum provided that the total amount so borrowed and
outstanding in any fiscal year shall not exceed 75 per centum
of the total proceeds received by the Commission from the tax
levied and collected during the Commission's preceding fiscal
year within Montgomery County under this section; and pro-
vided further that all moneys so borrowed within any fiscal
year shall be repaid during the next succeeding fiscal year
from the proceeds of the said tax received by the Commission
in the fiscal year last mentioned; The remaining proceeds of
the said seven cent (7^) tax may be used by the Commission
within its discretion for said debt service above referred to
and/or for the purpose of policing the several parks or other
areas under its jurisdiction and/or for the purpose of develop-
ment, beautification or maintenance of such parks and/or
other areas and/or the establishment therein of such play-
ground and recreational facilities as the Commission may
determine.

VIII. Whenever it shall be deemed necessary by
the Commission to take or acquire any lands, water
rights, structures or buildings either in fee or as an ease-
ment for parks, parkways, forests, roads, streets, boulevards or
highways, ground or spaces, the Commission may purchase
same from the owner or owners, or, failing to agree with the
owner or owners thereof, may condemn the same by proceed-
ings in the Circuit Court for the county in which said land,
water rights, structures or buildings are located, as now pro-
vided for condemnation of land by public service corporations
in Article 33A of the Public General Laws of Maryland; and
said Commission may at the same time condemn the interest
of any tenant, lessee or other person having an interest in said

 

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Session Laws, 1943
Volume 584, Page 1959   View pdf image (33K)
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