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Session Laws, 1955
Volume 620, Page 637   View pdf image (33K)
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THEODORE R. McKELDIN, GOVERNOR                     637

by the President of the Board of County Commissioners of Prince
George's County and the Clerk to said Board, with the corporate
seals of said Boards; provided that the coupons for the interest
attached thereto may be authenticated by the engraved, lithographed
or printed signatures of the President of the said Board of Education
and the County Superintendent. Said bonds may be registered as to
the principal by the County Superintendent of Schools in a separate
book kept by him for that purpose, if such registration is desired by
the holder thereof. The principal and the interest thereon shall be
paid at some bank or trust company to be determined by the Board
of County Commissioners and the place of payment shall be stated
on the bonds and on the coupons. In case such bonds or any of them
shall be issued in any year after the making of the annual levy for
the year by the Board of County Commissioners of Prince George's
County, then said Board of County Commissioners of Prince George's
County is authorized and directed to pay any or all interest coming
due before the next levy out of any other funds at their disposal and
to levy at the next levy to reimburse such other funds. Should any of
the persons designated to sign said bonds or the endorsement thereon
be unable for any reason to do so, the Board of County Commissioners
or the Board of Education, as the case may be, shall by resolution
authorize the execution thereof by some other member or officer of
the respective Boards, and such execution shall be as fully effective
as if the execution had been by the person originally designated
herein. Should any person signing said bonds or the endorsement
thereon die or become incapacitated before the delivery of the same,
such signature shall be equally effective to bind the Board of Educa-
tion and the Board of County Commissioners as if delivery had been
made before such death or incapacity.

SEC. 5. And be it further enacted, That in order to pay the prin-
cipal and interest on said bonds when and as the same become due and
payable, the Board of County Commissionrs of Prince George's
County are hereby authorized and directed to levy in each and every
year in which any of said bonds are outstanding upon the taxable
basis of said Prince George's County, a tax sufficient in rate and
amount to pay the bonds maturing during such year in accordance
with the provisions thereof, and to pay interest on all of the bonds
authorized by this Act, which may be outstanding in such year, and
the proceeds of such levy when collected and paid shall be used for
the purpose, and for no other purpose than that for which such levy
was made.

SEC. 6. And be it further enacted, That the proceeds from the sale
of said bonds, except as hereinafter set forth, shall be used exclusively
for the specific purposes for which said bonds have been issued, and
for no other purposes whatsoever, except that all expenses incurred
in the sale and delivery of the bonds shall be payable from said funds;
provided, however, that in case it shall not be necessary to use the
full amount authorized for the construction or improvement and
equipment of the specific school or schools for which such money is
appropriated, then and in such case the balance in the hands of the
Board of Education of Prince George's County for such specific
appropriations may, with the approval of the Board of County
Commissioners, be applied to the erection of new buildings, the addi-
tion to or the alteration of existing school buildings, the purchase of


 

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Session Laws, 1955
Volume 620, Page 637   View pdf image (33K)
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