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Session Laws, 1949
Volume 590, Page 1869   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR. 1869

mission and shall be guaranteed as to payment of principal
and interest by the Mayor and Aldermen of the City of
Annapolis and by the County Commissioners of Anne Arundel
County, said guarantee shall be indorsed on each of said
bonds in the following language: "The payment of interest
when due and of the principal at maturity is guaranteed by
the Mayor and Aldermen of the City of Annapolis and the
County Commissioners of Anne Arundel County, Maryland. "
Said guarantee endorsed on said bonds shall be construed as
a pledge of the full faith and credit and unlimited taxing
power of the County Commissioners of Anne Arundel County
and the City of Annapolis, and said County and said munici-
pality are authorized and empowered, if necessary to fulfill
the guarantee, to levy taxes without limitation as to rate
or amount notwithstanding any other statutory limitations,
present or future, upon the power of said County and said
municipality to levy taxes. Such endorsement shall be signed
on each of said bonds by the Mayor and Clerk of the City or
Annapolis and by the President and Secretary or Clerk of
the Board of County Commissioners of Anne Arundel County,
within twenty days after the bonds are presented by said
Commission to them for endorsement. In the event of any
liability under the above guarantee, such liability for each
agency shall be in such proportions of the assessable basis
of property assessed for county taxation as that part of either
agency, the assessed property within the City being excluded
from the County part, bears to the assessable basis of the
whole of said district. Nothing contained in the above pro-
vision as to the proportionate liability of said county and
said municipality on said guarantee shall be construed to
relieve either said county or said municipality from its pledge
by its guarantee of its full faith and credit and unlimited
taxing power to the payment of the entire interest on and
principal of said bonds.

90. For the purpose of retiring the bonds authorized to be
issued by this sub-title, the payment of the interest thereon,
and the payment of funds as provided under Section 93 there
shall be levied against all the assessable property within
said Sewerage District, by the Mayor and Aldermen of the
City of Annapolis and the County Commissioners of Anne
Arundel County, annually, so long as any of said bonds are
outstanding and not paid, a tax sufficient to meet the in-
terest on said bonds as it becomes due, and to pay the prin-
cipal thereof as they mature, and for the funds as provided
under Section 93; said tax to be determined, levied, collected
and paid over in the following manner: At least thirty days
before the tax levying period of each year, the County Com-

 

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Session Laws, 1949
Volume 590, Page 1869   View pdf image (33K)
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