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Session Laws, 1959
Volume 642, Page 1113   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                          1113

and MARYLAND or interest in land which constitute or will consti-
tute that portion of the George Washington Memorial Parkway ex-
tending in Prince George's County from Fort Washington to the
southeasterly boundary line of the District of Columbia for which
said borrowing or indebtedness is intended, the amount needed for
said purposes, and determining to borrow money or incur indebted-
ness for all or a part of the amount so needed, and to issue its bonds
to evidence such borrowing or indebtedness. Each series or group of
said bonds shall be issued to mature in annual serial installments,
the last installment to mature not later than thirty (30) years from
the date of issue of said group or series. In said resolution, said
County shall fix the annual serial maturity plan with respect to the
bonds to be issued thereunder and said annual serial maturities
shall be so fixed as to conform to the general financial plans of the
County but need not be in equal par amounts or in consecutive an-
nual installments. Subject to the limitations herein contained, said
County shall have and is hereby granted full and complete authority
and discretion to fix and determine, in said resolution, the form and
tenor of any such bonds, the rate or rates of interest payable there-
on, or the method of arriving at the same, the date or dates upon
which said bonds shall respectively mature and be payable, the man-
ner of selling said bonds at public sale, and generally all matters
incident or necessary to the issuance, sale and delivery thereof. The
bonds of each such issue shall be dated, shall bear interest at such
rate or rates not exceeding six percentum (6%) per annum, pay-
able semi-annually, shall mature at such time or times as may be
determined by said resolution, and said bonds may, by said resolu-
tion, be made redeemable before maturity, at the option of the
County, at such price or prices and under such terms and conditions
as may be fixed by said County, either in said resolution or in sub-
sequent resolutions, but prior to the issuance of said bonds. The
principal of and the interest of said bonds may be made payable in
any lawful medium. Said resolution shall determine the form of
said bonds, including any interest coupons to be attached thereto,
and the manner of executing and sealing the same, which may be by
facsimile, and shall fix the denomination or denominations of the
bonds and the place or places of payment of the principal and the
interest thereon, which may be at any bank or trust company within
or without the State of Maryland. In case any officer whose signa-
ture shall appear on any such bond, or on the coupons attached
thereto, shall cease to be such officer before the delivery thereof,
such signature shall nevertheless be valid and sufficient for all pur-
poses the same as if he had remained in office until such delivery.
Said bonds may, by any such resolution, be issued in coupon or in
registered form or both, and provision may be made for the registra-
tion of said bonds having coupons attached, as to principal alone
and also as to both principal and interest, and for the reconversion
of said bonds into coupon form if any of such bonds shall have been
registered as to both principal and interest. Such bonds shall not
be subject to the provisions of Sections 9, 10, and 11 of Article 31
of the Code of Public General Laws of Maryland (1957 Edition)
but said County shall offer said bonds only by solicitation of com-
petitive bids therefor at public sale. Said bonds may be sold for
such price or prices as may be determined to be for the best inter-
ests of the County, either at, above or below the par value of any


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Session Laws, 1959
Volume 642, Page 1113   View pdf image (33K)
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