1240                               Laws of Maryland                         [Ch. 780

levied, for the benefit of and on behalf of the Commission, upon all
of the property within the Metropolitan District now assessed for
county taxation purposes, as the Metropolitan District is now defined
or may hereafter be defined at the time of the levy, EXCEPTING
THEREFROM THAT PORTION OF MONTGOMERY COUNTY
NOT NOW INCLUDED WITHIN THE SAID DISTRICT. The
County Council and the County Commissioners are authorized to pay
the aggregate amount collected by said tax to the Commission as they
now pay other funds collected by taxation for the benefit of the Com-
mission. The proceeds of the tax shall be expended by the Commission
for the acquisition, maintenance, development, and operation of the
park systems in the counties, as well as the debt service required by
its outstanding bonds or bonds issued in the future. The Commission
shall expend or disburse that proportion of said tax collected from
Montgomery County within Montgomery County and that proportion
collected from Prince George's County within Prince George's
County.

52. County Taxation for Recreation Bonds.

(a)  Levy required.—For the purpose of paying principal and in-
terest on the bonds of Series L issued by the Commission as of Jan-
uary 1, 1950, to which the full faith and credit of the Commission
and of Montgomery County are irrevocably pledged, the County is
directed annually to levy upon all assessable property within the
limits of that portion of the Metropolitan District within Mont-
gomery County, an ad valorem tax in rate and amount sufficient to
meet the annual debt service requirements on said bonds so long
as any of them shall remain outstanding and unpaid. At the same
intervals provided elsewhere in this Article for remittance by the
County to the Commission of the proceeds of the said seven cent
(7c) tax, the County likewise shall remit to the Commission the
proceeds of the tax which it is herein directed to levy to meet debt
service on said bonds.

(b)   When levy not mandatory.—The levy of this tax shall no long-
er be mandatory hereunder when and if the Commission shall have
accumulated in a sinking fund established for that purpose, an
amount sufficient to pay the principal of all of said bonds when and
as they shall become due or shall be tendered for prior redemption.
Thereafter the tax shall be levied only in an amount sufficient to
pay the annual accruing interest on such of the bonds as shall be
outstanding and unpaid in any tax year.

(c)  Obligation of Montgomery County retained.—Nothing here-
in contained shall relieve Montgomery County from its unconditional
obligation to pay the principal and interest of any such bonds as
and when the same respectively become due, nor to levy ad valorem
taxes upon all property subject to assessment for taxation within
the corporate limits of the entire County should any such tax be-
come necessary for such payment, irrespective of whether or not
the Commission shall have accumulated sufficient funds for said
purpose, it being the intent hereof that Montgomery County shall
remain liable for the payment of principal and interest of said bonds
in the event the Commission shall fail, for any reason, to make such
payment.