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Session Laws, 1961
Volume 654, Page 1653   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                              1653

and authorizing the issuance of tax anticipation notes in an ag-
gregate amount not in excess of the amount required to pay the
interest on and the principal of such bonds falling due at or prior
to the last maturity of any such tax anticipation notes.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 6 of Chapter 122 of the Laws of Maryland of 1918, as
amended, said section being also Section 1568 of the Code of Public
Local Laws of Prince George's County (1953 Edition) and Section
74-33 of the Montgomery County Code (1955 Edition), being, respec-
tively, Articles 17 and 16 of the Code of Public Local Laws of Mary-
land, titles "Prince George's County" and "Montgomery County",
sub-title "Washington Suburban Sanitary District", be and it hereby
repealed and re-enacted with amendments to read as follows:

6 (1568) (74-33). (a) For the purpose of retiring the bonds and
notes authorized to be issued by this sub-title and the payment of
the interest thereon, there shall be levied against all the assessable
property within said Sanitary District, by the County Council and
County
Commissioners of Montgomery and Prince George's Coun-
ties, respectively, annually, so long as any of said bonds or notes are
outstanding and not paid, a tax sufficient to meet the interest on said
bonds and notes as it becomes due, and to pay the principal thereof
as they mature, said tax to be determined, levied, collected and paid
over in the following manner: At least thirty days before the tax
levying period of each year, the respective County Council and County
Commissioners shall certify to the Sanitary Commission the whole
valuation of assessable property within the Sanitary District. Said
Sanitary Commission shall then determine the amount necessary to
be raised for the ensuing year for the payment of interest on all
outstanding bonds and notes, the principal of all serial bonds and of
all notes maturing in said year and the proportionate part of princi-
pal of all outstanding sinking fund bonds, the amount to be paid on
the principal of said sinking fund bonds in any one year to be deter-
mined by the usual table of redemption of bonds by annual deposit
in a sinking fund on interest; and after deducting all amounts in
hand applicable to payment of interest and principal on said bonds
and notes, as hereinafter provided, it shall determine the number
of cents per $100 necessary to raise the said amount and shall so
certify to [each] both the County Council and the Board of County
Commissioners. The said County Council and County Commissioners
in their next annual levy shall levy said tax on all land and improve-
ments and any other property assessed for county tax purposes
within said Sanitary District, which tax shall be levied and collected
as county taxes now are or may be hereafter by law levied and col-
lected, 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 re-
spective tax collecting authorities, and every sixty days they shall
remit the whole amount of tax collected to the said Sanitary Com-
mission. From the money so received, together with the amount in
hand to the credit of said current bond fund, or applicable to the
payment of interest on its bonds and notes and the principal thereof,
said Sanitary Commission shall first pay all interest on said bonds
and notes as it matures, pay, or reserve a sufficient amount of money
to pay, its serial bonds maturing in said taxable year, and shall
then deposit in some bank or banks in one or both of said counties,

 

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Session Laws, 1961
Volume 654, Page 1653   View pdf image (33K)
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