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Session Laws, 1963
Volume 671, Page 1733   View pdf image (33K)
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J. MILLARD TAWES, Governor                         1733

for which such costs were incurred. If the service in the sub-district
requires no bonds to be issued, the sum advanced shall be repaid in
accordance with terms to be agreed upon between the Commission
and the County Commissioners.

516. Additional Services.

(a)   The furnishing of additional urban services may be initiated
by any of the methods set forth in paragraph 515 of this subtitle, but
in no event shall the total amount of the bonds issued by the Com-
mission for all urban services provided by it, or assumed by it upon
purchases of any municipal water or sewer system, exceed ten per-
cent (10%) of the assessed value of the property within Wicomico
County as fixed for county taxation, provided, however, that the
property in each service area shall be primarily responsible for the
payment of the principal and interest on all bonds issued for the pur-
chase, construction or installation of the services provided in said
area and the combined rates of benefit assessments, ad valorem taxes
or other charges imposed in the area shall be in a sum calculated to
pay the entire cost of the principal and interest on said bonds; further
provided, however, that nothing herein shall prevent the Commis-
sion from issuing in the same series bonds for more than one service
area or for more than one service in the same or a different area.

(b)  In the determination of the rates of benefit assessments, ad
valorem taxes and other charges dedicated to the payment of prin-
cipal and interest on each series of bonds hereafter issued, the Com-
mission shall set the total of such charges at a sum sufficient to pro-
vide in the Joint Sinking Fund within five years from the date of
issuance of each series of bonds, a sum equal to one and one-half
times the next annual debt service requirement for that series, and
the Commission shall thereafter make no reduction in the rates of
benefit assessments, ad valorem taxes or other charges dedicated to
the payment of principal and interest on said series of bonds which
shall reduce this percentage of reserve until the year in which the
last bonds of said series reach maturity or are called prior to
maturity.

517.

Extensions in an existing sub-district. Whenever the Com-
mission deems that it would be desirable to extend any urban service
into that part of a sub-district for which that service has previously
been authorized and it believes that such extension will be feasible
from both the engineering and financial standpoints; it shall cause
surveys, plans, specifications and estimates to be made of the pro-
posed facilities and systems necessary to provide it. If upon com-
pletion of these surveys, the Commission finds that it will be neces-
sary to incur any bonded indebtedness to pay for the proposed exten-
sion, it shall give notice by publication in one newspaper published
in the county, for three (3) successive weeks and by handbills posted
and circulated in the localities where such extension is contemplated
and shall state in said notice the area to be served by the proposed
extension and the service to be provided together with the time and
place of a hearing to be held, at which hearing a complete report
shall be made as to the probable cost of the facilities contemplated
and the services furnished. The Commission shall state at the hear-


 

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Session Laws, 1963
Volume 671, Page 1733   View pdf image (33K)
 Jump to  
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