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Session Laws, 1953
Volume 606, Page 746   View pdf image (33K)
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746 LAWS OF MARYLAND [CH. 401

County Commissioners and the corporate seal of the County
Commissioners shall be attached thereto by the Clerk of
said County Commissioners and the interest coupons
attached to each of said bonds shall bear the facsimile
signature of the Chairman of the Board of County Com-
missioners, printed, lithographed or engraved thereon.

SEC. 4. And be it further enacted, That any bonds au-
thorized by this Act shall be sold in the manner prescribed
in Section 35 of Article 31 of the Code of Public General
Laws of Maryland, 1939 Edition, and amendments thereto.

SEC. 5. And be it further enacted, That the proceeds
from the sale or sales of any of said bonds shall, after the
payment of the cost of engraving or printing said bonds
and other incidental costs and expenses with reference to
the issuance of such bonds, be paid over to the Treasurer
of Howard County and by him credited to the Board of
Education of Howard County to be held in a separate
account, subject to the order of said Board of Education,
and to be spent only as provided in Section 1 of this Act.

SEC. 6. And be it further enacted, That until all of the
bonds, certificates of indebtedness, promissory notes or
other evidences of indebtedness issued under this Act have
matured and been redeemed, the County Commissioners of
Howard County shall annually levy a tax upon the assess-
able property of the County sufficient to pay the interest
on the bonds outstanding and the principal of bonds ma-
turing during the succeeding year.

SEC. 7. And be it further enacted, That for the purpose
of paying the interest on such bonds as may be issued
under the provisions of this Act and redeeming them as
they mature, the County Commissioners of Howard County
shall include in the levy, for the year after their issuance
and each year thereafter until they mature and have been
redeemed, an amount which together with any so-called
"Incentive Building Fund" shall be sufficient to pay the
annual interest on the bonds and to redeem them as they
mature, provided, however, that the said Board of County
Commissioners are hereby authorized, empowered and di-
rected first to use any monies received by it or by the said
Board of Education of Howard County under and by virtue
of the provisions of the so-called "Incentive Building Fund"
for public school buildings as made or as may be made avail-
able by. law, to pay the interest on and to redeem said bonds
as they mature.


 

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Session Laws, 1953
Volume 606, Page 746   View pdf image (33K)
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