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Session Laws, 1957
Volume 640, Page 1473   View pdf image (33K)
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Theodore R. McKeldin, Governor                  1473

interest rate or rates, not exceeding six per centum (6%) per annum,
and manner and place of payment, and in each instance to issue
their bonds or notes or other evidences of indebtedness for the
amount of moneys so borrowed. Said bonds, notes or other evidences
of indebtedness shall be issued in groups or series, each such group
or series to be appropriately identified with the improvement 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 Maryland (1951
Edition), as amended. None of said bonds, notes or evidences of in-
debtedness shall be issued to mature over a longer period of
THAN
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 case, that in the event the proceeds
of the collection of such special assessments are in any year in-
sufficient for the purpose of paying the principal and interest ma-
turities of any such bonds, notes or evidences of indebtedness, such
deficiency shall be made up by the County from the proceeds of un-
limited 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 whatsoever in the State of Maryland.

(i) (J) After having made the determination to provide a benefit or
improvement set out in Sub-sections (a), (c),
(C) or (e), the Board
shall cause a public notice thereof to be published not fewer than four
times at not less than weekly intervals in a newspaper or news-
papers of general circulation in the area to be affected, briefly and
accurately describing the location and the improvement to be pro-
vided or function to be performed and the approximate cost thereof.
The public notices shall specify a time and place at which a public
hearing will be held by the Board. In addition, the Board shall
cause to be erected within the area to be affected a sign or signs
facing in such a manner so as to be readily seen by the public desig-
nating the time, place and purpose of such hearing. The bottom of
the sign or signs shall be not less than two and one-half feet from
the ground and said sign or signs shall have a length and width not
less than two and three feet, respectively, and shall bear conspicuous
lettering in black on a yellow background not less than four inches
in height. The hearing shall be set for not less than fifteen (15) days
after the fourth publication. If, after said hearing, the Board deter-
mines that the public health and welfare requires said improvement
47

 

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Session Laws, 1957
Volume 640, Page 1473   View pdf image (33K)
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