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Session Laws, 1953
Volume 606, Page 697   View pdf image (33K)
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THEODORE R. MCKELDIN, GOVERNOR 697

the principal and interest of any such bonds, 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 County Commissioners may
effect any such borrowing by offering the bonds author-
ized hereby for sale at public sale, then such sale shall
be conducted in all respects in accordance with the pro-
visions of Section 33 of Article 31, of the Code of General
Public Laws of Maryland (1951 Edition), but notwith-
standing 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 annum, computed with
relation to the absolute maturity of the bonds in accord-
ance with standard tables of bond values, excluding, how-
ever, from such computation the amount of any redemp-
tion premium. If such bonds are sold at public sale, the
published notice of such sale need not contain all infor-
mation concerning the terms and conditions of sale as
required by said Section 33, but such published notice may
be a brief summary of such terms and conditions, but
shall state where a complete statement of said terms and
conditions of sale, together with a complete financial
statement of the County may be obtained. The Board of
County Commissioners shall have full and complete dis-
cretion 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 whether said
bonds shall be made redeemable before maturity, at the
option of the County, and the redemption prices to be
offered. The principal and interest of said bonds may,
by said Board of County Commissioners, be made pay-
able in any lawful medium and at any place either within
or without the State of Maryland, and said bonds may be
issued in coupon or registration form or be issued subject
to registration as to principal only, or as to both principal
and interest, upon such terms and conditions as said
Board of County Commissioners shall provide. Said
Board of County Commissioners shall also provide for the
manner of executing and sealing said bonds, which, in each


 

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Session Laws, 1953
Volume 606, Page 697   View pdf image (33K)
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