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Session Laws, 1955
Volume 620, Page 232   View pdf image (33K)
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232                               LAWS OF MARYLAND                        [CH. 154

principal and/or interest on bonds due or to become due which have
been or may be issued under the authority of Chapter 522 of the
Acts of the General Assembly of Maryland of 1953, or any amend-
ment or amendments thereof.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That a new section be and it is hereby added to Article 17 of the
Public Local Laws of Maryland (1953 Edition), title "Prince George's
County", sub-title "Washington Suburban Sanitary District", said
new section to be known as Section 1610A and to follow immediately
after Section 1610, and to read as follows:

1610A. Whenever receipts from tax collections shall be inadequate
to pay the principal and/or interest on any bonds issued under and
by virtue of Chapter 522 of the Acts of the General Assembly of
Maryland of 1953, or any amendment or amendments thereof, by the
County Commissioners of Prince George's County, the Washington
Suburban Sanitary Commission and/or the Maryland-National
Capital Park and Planning Commission, the Washington Suburban
Sanitary Commission is hereby authorized and directed to borrow
money in anticipation of such taxes in such sum or sums which may
be necessary to pay the principal and/or interest on bonds due or to
become due from which receipts from taxes are found to be inadequate
to pay the same. Negotiable notes shall be issued from all money so
borrowed, which notes may be renewed from time to time, and money
may be borrowed upon new notes from time to time for the payment
of any indebtedness evidenced thereby. No money shall be borrowed
at a rate of interest exceeding five percentum (5%) per annum. Such
notes may be disposed of in such manner as the Commission may
determine without regard to the provisions of Article 31 of the Anno-
tated Code of Maryland (1951 Edition), provided, however, that there
shall never be outstanding at any one time any such notes in excess
of the amount necessary to pay the principal and interest on bonds
issued by the County Commissioners of Prince George's County, the
Washington Suburban Sanitary Commission and the Maryland-
National Capital Park and Planning Commission as set forth in
Chapter 522 of the Acts of the General Assembly of Maryland of
1953, including any amendment or amendments thereof. All such
notes shall be authorized by resolution of the Commission, which shall
fix the actual or maximum amount of the notes, the actual or maxi-
mum rate of interest to be paid upon the amount borrowed and the
actual or approximate maturity of the notes. The form and manner
of execution of such notes shall be determined by the Commission.

b. The funds herein authorized to be borrowed shall be used
exclusively for the purpose herein mentioned and any other use of
the same is hereby declared a misdemeanor and punishable as other
misdemeanors are punishable by Section 1601 of the Code of Public
Local Laws of Prince George's County, Maryland.

SEC. 2. And be it further enacted, That the County Commissioners
of Prince George's County and the Maryland-National Capital Park
and Planning Commission are directed to pay their prorata share of
the principal and interest on any notes authorized herein to be calcu-
lated upon the basis of the bonds which have been issued by the
respective agencies involved.

 

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Session Laws, 1955
Volume 620, Page 232   View pdf image (33K)
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