616 LAWS OF MARYLAND [CH. 356
$1,500,000 in such denominations and for such terms, not exceeding
forty years, and at such rates, not exceeding four per cent (4%),
as it may determine, such bonds to be the general obligation of Prince
George's County. for the purpose of paying the principal of said
bonds as they mature and the interest thereon, the Commissioners
of Prince George's County shall levy annually upon all of the prop-
erty assessed for County tax purposes an ad valorem tax at a rate
necessary to produce annually the sum required to pay the principal
and interest for the current year.
(2) The Washington Suburban Sanitary Commission is author-
ized and directed to issue its bonds in an amount not exceeding
[$750,000] $1,200,000 in such denominations and for such terms,
not exceeding forty years, and at such rate, not exceeding four per
cent (4%), as it may determine, such bonds to be the general obli-
gation of the Washington Suburban Sanitary District, guaranteed
as to both principal and interest by the County Commissioners of
Prince George's County only; the County Commissioners of Prince
George's County are hereby authorized and directed to guarantee
said bonds in substantially the manner and form of the guarantee
of the construction bonds of said Commission. Such guarantee
shall operate as a pledge of the full faith and credit of the County
Commissioners of Prince George's County to the payment of the
maturing principal and interest of said bonds and, to the extent
that the taxes hereinafter in this sub-section provided for are inade-
quate to provide the funds necessary to pay such principal and
interest in any year, said County Commissioners shall levy upon all
property subject to taxation within its corporate limits ad valorem
taxes in rate and amount sufficient to make up any such deficiency.
for the purpose of paying the principal of said bonds as they mature
and the interest thereon, the County Commissioners of Prince
George's County are directed to levy annually upon all of the prop-
erty assessed for county tax purposes within the portion of said
Sanitary District in Prince George's County, upon the certification
of the Washington Suburban Sanitary Commission, an ad valorem
tax at a rate necessary to produce annually the sum required to pay
the principal and interest for the current year on said bonds or any
part thereof outstanding, which tax shall be levied and collected
as other Commission ad valorem taxes are levied and collected and
paid to said Commission.
(3) The Maryland-National Capital Park and Planning Commis-
sion is authorized and directed to issue its bonds in an amount not
exceeding [$500,000] $800,000 in such denominations and for such
terms, not exceeding forty years, and at such rate, not exceeding
four per cent (4%), as it may determine, such bonds shall be issued
on the full faith and credit of the Maryland-National Capital Park
and Planning Commission and guaranteed as to both principal and
interest by the County Commissioners of Prince George's County
only; the County Commissioners of Prince George's County are
hereby authorized and directed to guarantee said bonds in sub-
stantially the manner and form of the guarantee of the construction
bonds of said Commission. Such guarantee shall operate as a pledge
of the full faith and credit of the County Commissioners of Prince
George's County to the payment of the maturing principal and
interest of said bonds and, to the extent that the taxes hereinafter
in this sub-section provided for are inadequate to provide the funds
|
|