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Session Laws, 1953
Volume 606, Page 1756   View pdf image (33K)
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1756 LAWS OF MARYLAND [CH. 761

Montgomery County assessed for the purposes of county
taxation an annual tax in a sum sufficient to pay the
interest on said bonds or notes and to pay the principal
of the said bonds or notes upon maturity. The said tax
shall be levied and collected, and have the same priority
rights, bear the same interest and penalties and in every
respect be treated as county taxes. As hereinabove pro-
vided, the proceeds of the collection of said tax shall be
the primary source of revenue for the payment of the
principal and interest maturities of said bonds or notes.
The tax so levied shall be collected by [the County Com-
missioners of] Montgomery County, and every sixty (60)
days [they] it shall remit to the Commission the whole
amount of the tax so collected to date.

Said Commission may, with the consent of the County
Commissioners of Prince George's County, apply for under
Paragraphs or Sub-sections (a) and (b) of Section 1 of
Public Act 284 such additional sum or sums not to exceed
[$800, 000. 00] $1, 250, 000. 00 as may be legally allotted or
can be advanced to said Commission for the purpose of
purchase of park land within said county and if such funds
are advanced to or for said Commission it may enter into
the same commitment or contract as to funds for park
purchases in Prince George's County, and is authorized
and directed to repay the same by the issuance and sale of
bonds or notes in the same manner as herein provided for
as to Montgomery County, in which event all of the provi-
sions of this section and Section VI shall apply equally to
both counties as to the respective amounts allotted or
advanced for each county. All or any of the bonds or notes
issued under this Act shall be guaranteed by [the County
Commissioners of] Montgomery County, as herein pro-
vided for, insofar as the proceeds thereof are required for
the repayment of advances by the Federal Government for
the purchase of park land within Montgomery County, and
by the County Commissioners of Prince George's County
insofar as the proceeds thereof are required for the re-
payment of advances by the Federal Government for the
purchase of park land in Prince George's County.

In the event any of the bonds or notes authorized to be
issued by this or the next preceding section shall be issued
and delivered to the National Capital Park and Planning
Commission in part payment for any park lands acquired
under Paragraphs or Sub-sections (a) and (b) of Section
1 of Public Act 284 of the 71st Congress and pursuant to
any contracts under which the said National Capital Park
and Planning Commission may offer said bonds or notes
for sale to the public at a fixed time after such issue and


 

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Session Laws, 1953
Volume 606, Page 1756   View pdf image (33K)
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