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Session Laws, 1953
Volume 606, Page 696   View pdf image (33K)
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exceeding Eight Hundred Thousand Dollars ($800,000) and
said Board of County Commissioners may issue and sell
said bonds, in whole or in part, at such time or times as
said Commissioners, in their discretion, shall determine.
Said bonds shall bear interest at a rate not exceeding four
per cent (4%) per annum, payable semi-annually, shall
mature serially over a period of twenty-five (25) years
from date of issue, the amount of maturities to be fixed by
said Commissioners, provided, not more than three (3) per
cent of the total of said issue shall mature 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 princi-
pal and interest in the hands of the person or persons en-
titled 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 Commission-
ers 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 portion of
Prince George's County lying within the Maryland-Wash-
ington 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;
provided, however, that if the interest matures on any one
or more of said issues before the annual levy, or before a
sufficient amount of taxes levied for the purpose of pay-
ing said interest is collected, the said County Commission-
ers may pay said interest out of the proceeds of the sale
of said issue or issues. The Prince George's County por-
tion of the Maryland-Washington Metropolitan District is
defined, for the purpose 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 Assem-
bly of Maryland, and said taxes 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 Gen-
eral 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 authorized to be levied for
the purpose of paying the principal and interest of all
bonds issued hereunder are insufficient in any year to pay


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Session Laws, 1953
Volume 606, Page 696   View pdf image (33K)
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