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Session Laws, 1949
Volume 590, Page 1484   View pdf image (33K)
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five (25) years from date of issue, the amount of maturities
to be fixed by said Commissioners, provided, not more than
three per cent (3%) of the total of any one issue shall ma-
ture, annually, within the first five (5) years and said bonds
shall be the general obligations of Prince George's County,
exempt from State, County and Municipal taxation of every
kind and nature whatsoever within the State of Maryland,
as to both principal and interest in the hands of the per-
son or persons entitled thereto from time to time, and said
bonds shall be in such form as may be adopted or prescribed
by the Board of County Commissioners. The said County
Commissioners shall levy, annually, at the time taxes are
levied for general County purposes, a tax upon all of the
property assessed for County tax purposes within that por-
tion of Prince George's County lying within the Maryland-
Washington Metropolitan District, as hereinafter defined, in
an amount sufficient to meet the principal and interest on
said bonds so long as any of them shall be outstanding; pro-
vided, however, that if the interest matures on any one or
more of said issues before the annual levy, or before a suf-
ficient amount of taxes levied for the purpose of paying said
interest is collected, the said County Commissioners may
pay said interest out of the proceeds of the sale of said issue
or issues. The Prince George's portion of the Maryland-
Washington Metropolitan District is defined, for the pur-
pose of levying the taxes required herein to be levied and for
making the improvements herein authorized, as all of that
part of Prince George's County, defined as the Maryland-
Washington Metropolitan District, in Chapter 1008 of the
Acts of 1943 of the General Assembly of Maryland, and said
taxes shall not be levied in any regional district or in any
other part of said County unless the same shall be added to
said Maryland-Washington Metropolitan District by this or
under any subsequent General Assembly. Any of said bonds
issued in the year 1949 or thereafter shall, however, be issued
upon the full faith and credit of the County Commissioners
of Prince George's County, and in the event the proceeds of
the taxes hereinabove authorized to be levied for the purpose
of paying principal and interest of all bonds issued hereunder
are insufficient in any year to pay the principal and interest
of any such bonds issued in the year 1949 or thereafter, then
and in that event, the County Commissioners shall make up
such deficiency by the levy and collection of ad valorem taxes,
upon all property within the corporate limits of the County
subject to assessment for taxation at the full County taxation
rate, in rate and amount sufficient to make up such deficiency.
The Board of County Commissioners may effect any such
borrowing by offering the bonds authorized hereby for sale,


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Session Laws, 1949
Volume 590, Page 1484   View pdf image (33K)
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