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Session Laws, 1945
Volume 589, Page 1644   View pdf image (33K)
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1644 LAWS OF MARYLAND. [CH. 952

G. The Commission is hereby authorized to use a portion
of the proceeds of the five cent recreation tax provided for by
Section 2 of Paragraph VII of Chapter 1008 of the Acts of
the General Assembly of Maryland of 1943, not exceeding two-
fifths thereof, for the payment of the principal and interest
on bonds issued by the Commission for the construction of
recreation centers, community buildings, or other buildings to
house the recreational program or any part thereof under the
provisions of this Act or of said Chapter 1008 of the Acts of
1943. The Commission is hereby authorized to issue serial
bonds at any time and from time to time for the purposes
above set forth, and the form, guarantee, maturities, interest
rates, and all other details with respect to the issuance and
sale thereof shall be in accordance with the provisions of Sec-
tion 2, Paragraph VI, of said Chapter 1008 of the Acts of
1943, except that the primary source of the payment of any
such bonds shall be the fractional part, not exceeding two-
fifths, of the five cent recreational tax above referred to; pro-
vided, however, that the total amount of bonds outstanding at
any time under this authority for the construction of recrea-
tion centers, community buildings, or other buildings to house
the recreational program or any part thereof, shall not exceed
such amount as can be redeemed within fifty years from the
date of issue by means of so much of said five cent recreational
tax as shall be pledged to the payment of such bonds under
the terms hereof, the amount of such bonds which may be
issued within said limitation to be calculated by the Comp-
troller of the State of Maryland and certified to the Commis-
sion in the manner provided for in said Section 2, Paragraph
VI, of Chapter 1008 of the Acts of 1943. Said bonds shall be
issued upon the full faith and credit of the Commission and of
the County or Counties guaranteeing the same, and in the event
the primary source of payment for said bonds above set forth
shall be insufficient for such purpose, they shall be payable
from a general ad valorem tax upon all of the assessable prop-
erty within the corporate limits of the County guaranteeing
said bonds sufficient to make up any deficiency in the reve-
nues available for principal and interest maturities on such
bonds, all.. as provided in said Section 2, Paragraph VI, of
Chapter 1008 of the Acts of 1943. Any bonds issued hereunder
or under the provisions of said Chapter 1008 of the Acts of
the General Assembly of Maryland of 1943 are hereby spe-
cifically exempted from the provisions of Article 31, Sections
34, 35 and 36, of the Annotated Code of Maryland (1939 Edi-
tion), and from the provisions of Article 16', Section 224, of the
Code of Public Local Laws of Maryland. The portion of the
five cent recreational tax hereinbefore authorized to be applied
by the Commission to the payment of principal and interest of

 

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Session Laws, 1945
Volume 589, Page 1644   View pdf image (33K)
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