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Session Laws, 1955
Volume 620, Page 651   View pdf image (33K)
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THEODORE R. McKELDIN, GOVERNOR                     651

provement of which said money is being borrowed, and said bonds,
notes or other evidences of indebtedness may be sold by the County
Commissioners of Prince George's County from time to time at public
sale or by private negotiation, notwithstanding the provisions of
Section 33 of Article 31 of the Code of Public General Laws of Mary-
land (1951 Edition), as amended. None of said bonds, notes or evi-
dences of indebtedness shall be issued to mature over a longer period
of ten (10) years from the date of issue, and they shall be issued on
an annual serial maturity plan so arranged as to correspond as nearly
as possible in amounts with the aggregate amounts of special assess-
ments as above provided, and the County Commissioners of Prince
George's County shall, by a proper resolution in each case, provide
for the issuance of said bonds, notes or other evidences of indebted-
ness and for the liquidation thereof and the interest thereon by the
application of the receipts of the special assessments with respect to
which said bonds, notes or evidences of indebtedness are issued, and
the County Commissioners of Prince George's County shall, also by
said resolution provide, in each sase, that in the event the proceeds
of the collection of such special assessments are in any year insuffici-
ent for the purposes of paying the principal and interest maturities
of any such bonds, notes or evidences of indebtedness, such deficiency
shall be made up by the County from the proceeds of unlimited ad
valorem taxes which it is hereby authorized and directed to levy upon
all assessable property within the corporate limits of the County
subject to unlimited taxation thereby. Any bonds issued pursuant
to the authority of this section and the interest payable thereon and
the income derived therefrom in the hands of the holders thereof from
time to time shall be, and is hereby declared to be, exempt from
State, County and municipal taxation of every kind and nature what-
soever in the State of Maryland.

SEC. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by a
yea and nay vote, supported by three-fifths of all the members elected
to each of the two Houses of the General Assembly of Maryland, the
same shall take effect from the date of its passage.

Approved April 11, 1955.

CHAPTER 385
(House Bill 614)

AN ACT to add a new section to Article 41 of the Annotated Code
of Maryland (1951 Edition), title "Governor—Executive and Ad-
ministrative Departments", said new section to follow immediately
after Section 79 of said Article and to be known as Section 79A,
and to be under a new sub-title to be known as "Federal Surplus

EXPLANATION: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.

 

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Session Laws, 1955
Volume 620, Page 651   View pdf image (33K)
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