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Session Laws, 1963
Volume 671, Page 1479   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1479

maturing principal and interest; exempting said bonds and said
refunding bonds and the interest thereon from all State, county
and municipal taxation in the State of Maryland; and providing
that the power to incur indebtedness and issue bonds therefor under
the provisions of this Act is additional and alternative authority
for borrowing money and shall be regarded as supplemental and
additional to powers conferred upon the County by other laws.

Section 1. Be it enacted by the General Assembly of Maryland,
That, the County Commissioners for Prince George's County, a body
politic and corporate of the State of Maryland (hereinafter referred
to as the "County"), is hereby authorized and empowered to borrow
money and incur indebtedness, from time to time, in an amount not
exceeding the sum of One Million Dollars ($1,000,000) for the purpose
of financing the planning, construction and equipping of an addition
or additions to the Prince George's General Hospital, and in con-
nection therewith to finance the acquisition and development of sites
therefor, the preparation of plans, drawings and specifications there-
for and the permanent equipment for any such structure.

Sec. 2. And be it further enacted, That, to evidence the borrowing
more specifically authorized in Section 1 of this Act, the County is
hereby authorized to issue and sell, upon its full faith and credit, its
serial maturity, general obligation coupon bonds in like par amount,
upon the terms and conditions hereinafter set forth. Such bonds may
be issued from time to time; in one or more groups or series, as funds
for the projects more specifically described in Section 1 of this Act,
become necessary, provided, however, that the total debt which may
be incurred pursuant to the authority of this Act shall not exceed One
Million Dollars ($1,000,000).

SEC. 3. And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or issuing
any bonds pursuant to the authority of this Act, adopt a resolution
describing the project or projects described in Section 1 hereof for
which said borrowing or indebtedness is intended, the amount needed
for said purposes, and determining to borrow money or incur in-
debtedness 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 resolu-
tion, 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
annual 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 thereon,
or the method of arriving at the same, the date or dates upon which
said bonds shall respectively mature and be payable, the manner 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 per centum (6%) per annum, payable semi-

 

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Session Laws, 1963
Volume 671, Page 1479   View pdf image (33K)
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