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Session Laws, 1943
Volume 584, Page 62   View pdf image (33K)
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62 LAWS OF MARYLAND. [CH. 62

the retirement of said certificates of indebtedness. In the
event the proceeds of the levy of such tax plus the proceeds of
such special assessments shall at any time be insufficient for
the purposes aforesaid, the County Commissioners of Mont-
gomery County shall, in the next succeeding fiscal year, and
annually thereafter until such deficiency is cured, levy ad
valorem taxes upon all property subject to assessment for taxa-
tion within the corporate limits of Montgomery County suf-
ficient to make up such deficiency.

SEC. 6. And be it further enacted, That the County Com-
missioners of Montgomery County is hereby authorized and
empowered to issue and sell temporary certificates of indebted-
ness to evidence the borrowing hereinabove authorized, said
Board of County Commissioners of Montgomery County to
have the same discretionary powers hereinabove enumerated,
with respect to said temporary certificates of indebtedness, as
are hereby granted to said Board with respect to the per-
manent certificates of indebtedness, provided, however, that
said temporary certificates of indebtedness shall be issued to
mature within eighteen (18) months from date of issue. The
proceeds of the sale of said temporary certificates of indebted-
ness shall be used to defray the cost of construction of the
aforesaid streets, sidewalks, curbs and gutters as the work
progresses and before the levy of special assessments can be
made upon the property specially benefited thereby. The in-
terest on such temporary certificates of indebtedness shall con-
stitute one of the items of cost of such improvements and shall
be included in the amount levied, as hereinabove provided,
against the property abutting said improvements. When the
said construction work shall have been completed and the levy
of special assessments made therefor against the abutting
property found to be specially benefited thereby and the per-
manent certificates of indebtedness hereinabove authorized
shall have been issued and sold, said Board of County Com-
missioners of Montgomery County shall use the proceeds of the
sale of said permanent certificates of indebtedness to liquidate
said temporary certificates of indebtedness. In the event the
proceeds of the sale of the permanent certificates of indebted-
ness shall be insufficient for the foregoing purpose, or in the
event the collection of the special assessments hereinabove
authorized shall be enjoined or rendered impossible for any
reason, the Board of County Commissioners of Montgomery
County is hereby authorized and empowered to provide for the
payment of said temporary certificates of indebtedness and the
interest thereon out of the proceeds of the special ad valorem
taxes hereinabove authorized or from County-wide taxation,
if the same shall prove necessary, it being the intention hereof
that said temporary certificates of indebtedness may also be

 

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Session Laws, 1943
Volume 584, Page 62   View pdf image (33K)
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