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Session Laws, 1951
Volume 603, Page 1021   View pdf image (33K)
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THEODORE E. MCKELDIN, GOVERNOR 1021

shall not be levied in any regional district or 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 pursuant to the authority contained in this
Act shall be issued upon the full faith and credit of the
County Commissioners of Prince George's County, and
in the event the proceeds from the taxes hereinabove au-
thorized to be levied for the purpose of paying the prin-
cipal and interest of all bonds issued hereunder are in-
sufficient in any year to pay the principal and interest of
any such bonds, then and in that event, the County Com-
missioners 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 County
Commissioners may effect any such borrowing1 by offering
the bonds authorized hereby for sale, at public sale to the
highest competitive bidder therefor, or by private negotia-
tion, and if said bonds are offered for sale at public sale,
then such sale shall be conducted in all respects in accord-
ance with the provisions of Section 35, of Article 31, of the
Code of General Public Laws of Maryland (1939 Edition),
but notwithstanding the provisions of said section, said
Board of County Commissioners may, if it so elects, sell
said bonds at private sale at the best price obtainable
therefor, either at, above or below the par value of any
such bonds, but no such sale shall be made at a price so
low as to require the payment of interest on the money
received therefor at more than five (5) per cent per an-
num, computed with relation to the absolute maturity of
the bonds in accordance with standard tables of bond
values, excluding, however, from such computation the
amount of any redemption premium. If such bonds are
sold at public sale, the published notice of such sale need
not contain all the information concerning the terms and
conditions of sale as required by said Section 35, but such
published notice may be a brief summary of such terms
and conditions, but shall state where a complete state-
ment of said terms and conditions of sale, together with a
complete financial statement of the County may be ob-
tained. The Board of County Commissioners shall have
full and complete discretion and authority to determine
the form and tenor of any such bonds so to be issued, the
rate or rates of interest payable thereon, or the method of
arriving at the same, the date or dates upon which said
bonds shall respectively mature and be payable, and wheth-


 

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Session Laws, 1951
Volume 603, Page 1021   View pdf image (33K)
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