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Session Laws, 1959
Volume 642, Page 289   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                             289

ner as the Commission shall provide. Such notes shall be payable
from the proceeds of the bonds in anticipation of which they shall
be issued; provided, however, that the Commission may, in its dis-
cretion, in lieu of retiring such notes by means of bonds, retire such
notes from any funds available for the payment of bonds authorized
hereunder for the project or projects for which such notes were
issued, in which event the maximum amount of bonds which may be
issued under the provisions of this Section shall be reduced by the
amount of such notes so retired.

Sec. 3. And be it further enacted, That the bonds authorized by
the Commission to be issued hereunder at any one time for payment
of the cost of storm water or surface drainage systems in the por-
tion of the Washington Suburban Sanitary District in Montgomery
County shall constitute a separate series, and for the payment of
the principal of and the interest on the bonds of such series and the
interest on any notes issued under the provisions of Section 1 above
in anticipation of the issuance of any bonds of such series the Coun-
ty Council of Montgomery County shall levy annually upon all of
the property assessed for county tax purposes within the portion
of said Sanitary District in Montgomery County, upon the certifi-
cation of the Washington Suburban Sanitary Commission, an ad
valorem tax at a rate necessary to produce annually the sum re-
quired to pay such principal and interest for the current year, which
tax shall be levied and collected as other Commission ad valorem
taxes are levied and collected and paid to said Commission. Said
bonds and any notes issued in anticipation thereof for the purpose
stated in this Section shall be guaranteed as to both principal and
interest by the County Council of Montgomery County, and the
County Council of Montgomery County is hereby authorized and
directed to guarantee said bonds and notes substantially in the
manner and form provided for guarantee of the construction bonds
of said Sanitary District. Such guarantee shall operate as a pledge
of the full faith and credit of the County Council of Montgomery
County to the payment of the maturing principal of and interest
on said bonds and notes and, to the extent that the taxes above pro-
vided for in this Section and any other moneys available or to be-
come available therefor (either through the issuance of bonds or
notes authorized hereunder or otherwise) are inadequate to provide
the funds necessary to pay such principal and interest in any year,
said County Council shall levy upon all property subject to taxation
within Montgomery County ad valorem taxes in rate and amount
sufficient to make up any such deficiency.

Sec. 4. And be it further enacted, That the bonds authorized by
the Commission to be issued hereunder at any one time for payment
of the cost of storm water or surface drainage systems in the por-
tion of the Washington Suburban Sanitary District in Prince
George's County shall constitute a separate series and for the pay-
ment of the principal of and the interest on the bonds of such series
and the interest on any notes issued under the provisions of Section
2 above in anticipation of the issuance of any bonds of such series
the County Commissioners of Prince George's County shall levy
annually upon all of the property assessed for county tax purposes
within the portion of said Sanitary District in Prince George's
County, upon the certification of the Washington Suburban Sanitary

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Session Laws, 1959
Volume 642, Page 289   View pdf image (33K)
 Jump to  
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