1106                             Laws of Maryland                       [Ch. 685

collect the ad valorem taxes referred to above shall be evidenced by
a formal resolution of the Board. Provided, however, that the Board
of County Commissioners for Prince George's County shall have no
authority to obligate Prince George's County for a sum in excess of
One Million Dollars ($1,000,000) in the aggregate for the purpose of
reimbursing the United States for the expenditures of the type
described in this Act

701C. As an alternative to the procedures specified in Section
701B, the County Commissioners for Prince George's County may
borrow upon its full faith and credit, an amount not to exceed One
Million Dollars ($1,000,000) for the purpose of either providing the
necessary funds or making the necessary commitments required from
Prince George's County for the acquisition of lands or interest in
lands described in Section 701A, as provided by paragraph (a) of
Section 1 of an Act of Congress of the United States known as Public
Act 284, 71st Congress. Such borrowing may be evidenced by the
issuance of general obligation bonds which may either be in term or
serial form. Such bonds may be issued from time to time in one or
more groups or series, as funds or commitments, as the case may be,
become necessary or are made for the acquisition of the lands or
interest in lands described in Section 701A.

701D. The bonds provided for in Section 701C may be issued
directly (a) to the National Capital Planning Commission (or its
nominee) as a result of negotiations held between the Board of
County Commissioners for Prince George's County and the duly con-
stituted representatives of the National Capital Planning Commis-
sion, or (b) to any other purchaser, but if such bonds are issued to
such other purchaser, the terms and conditions of Sections 32, 33
and 34 of Article 31 of the Annotated Code of Maryland (1951 Edi-
tion) shall apply. The bonds shall be issued subsequent to the adop-
tion of a resolution of the Board of County Commissioners for Prince
George's County which shall state the form and tenor of such bonds,
the dates upon which such bonds shall respectively mature and be
payable, the method of signing and sealing said bonds, the place or
places of payment thereof, and generally all matters incident or
necessary to the issuance, sale and delivery thereof, provided, how-
ever, that all of the bonds issued pursuant to this Act shall be non-
interest bearing and none of said bonds shall be issued to mature
more than eight (8) years from and after the date of issuance.

701E. The bonds hereby authorized shall constitute and they shall
so recite an irrevocable pledge of the full faith and credit and un-
limited taxing power of the County Commissioners for Prince
George's County for the payment of the maturing principal of such
bonds as and when they respectively mature. In each and every
fiscal year that any of said bonds are outstanding, Prince George's
County shall levy or cause to be levied ad valorem taxes upon all the
assessable property within the corporate limits of the County in rate
and amount sufficient to provide for the payment, when due, of the
principal of all of said bonds maturing in each such fiscal year and
in the event the proceeds from the taxes so levied in any such fiscal
year shall prove inadequate for the above purposes, additional taxes
shall be levied in the succeeding fiscal year to make up any such
deficiency.