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Session Laws, 1959
Volume 642, Page 380   View pdf image (33K)
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380                              Laws of Maryland                       [Ch. 282

the interest on said bonds as it becomes due and to pay the principal
thereof as the bonds mature, and said tax shall be determined, levied,
collected and paid over in the manner following, that is to say, at
least sixty (60) days before the tax levying period of each year, the
County Commissioners shall certify to the Commission the whole
valuation of the assessable property within each [sanitary] district.
The Commission shall then determine in the manner above prescribed
the amount which it deems necessary to be raised during the ensuing
year for the payment of interest and principal of all serial bonds
maturing in said year, and after deducting all amounts in hand or in
contemplation applicable to payments of interest and principal on
said bonds as hereinbefore and hereinafter in the sub-title provided;
it shall determine the number of cents per One Hundred Dollars
($100.00) necessary to raise the said amount for each such [sani-
tary] district and shall certify the same to the Board of County Com-
missioners. The said County Commissioners in their next annual levy
shall levy said tax on all land and improvements and all other prop-
erty assessed for county tax purposes within the respective [sani-
tary] district, which tax shall be levied and collected and have the
same priority rights, bear the same interest and penalties and in
every respect be treated the same as county taxes. The tax so levied
for the ensuing year shall be collected by the tax collecting authori-
ties and placed in the joint Sinking Fund of the County Commis-
sioners and the Commission as provided in Section 421 hereof. From
the money so received, together with the amount in hand to the credit
of said bond fund, the County Commissioners and the Commission
shall first pay all interest and principal on said bonds as it becomes
due, and the residue of said money in said account shall be retained
in said account for further payments of principal and interest on
said bonds. The Commission is authorized to pay the interest on any
bonds it may issue out of the proceeds of the sale of said bonds, but
not more than one year's interest may be so expended.

(b) In order that the prompt payment of interest and the proper
provision for the payment of the principal of said bonds shall be
assured, the prompt and proper performance of the respective acts
and duties heretofore defined is specifically required, and any failure
upon the part of any person, persons, body corporate or agent to
perform the necessary acts and duties hereafter set forth, to pay
over the said funds as required, or to use said funds or any part
thereof for any other purpose than for the payment of the principal
and interest on said bonds, is hereby declared a misdemeanor and
punishable as other misdemeanors are punishable by Section [445]
446 of this sub-title. Likewise whenever any part of any [sewerage
or water plant] existing facilities provided by the Commission to
provide authorized urban service or services
shall need to be enlarged,
rebuilt or re-equipped whether due to increased use, obsolescence,
exhaustion or otherwise, and no new assessable front foot benefits
arise therefrom or such as may arise do not fairly represent all the
benefits of such new re-equipment or enlargement since it serves in
whole or in part territories already assessed on a front foot basis for
the service to which such new re-equipment or enlargement is an
improvement, then if the depreciation and other reserves applicable
to this plant improvement plus any newly assessable front foot
benefits (if any) are not sufficient to construct or finance such
re-equipment or enlargement, the Commission may certify to the
Board of County Commissioners the deficiency, the assessable value

 

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Session Laws, 1959
Volume 642, Page 380   View pdf image (33K)
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