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Session Laws, 1963
Volume 671, Page 1840   View pdf image (33K)
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1840                           LAWS OF MARYLAND                      [CH. 832

land 381 to Temple Hills Road; Allentown Road—Temple Hills Road
to Tucker Road; Maryland Boulevard—Bridge at Pennsylvania Rail-
road; St. Barnabas Road—Brinkley Road to Livingston Road;
Brightseat Road—Ardmore-Ardwick Road to Maryland 202; Good
Luck Road—Kenilworth Avenue to Telegraph Road; Adelphi Road—
Windon Avenue to Metzerott Road; Sheriff Road—Palmer Highway
to Maryland 202; Tucker Road Bridge over Henson Creek; Alexander
Ferry Road—Maryland 5 to Woodyard Road; Maryland Boulevard—
Cheverly to Cabin Branch Road; Cabin Branch Road—Maryland
Boulevard to end of present improvement.

Sec. 2. And be it further enacted, That, the County is hereby au-
thorized and empowered to finance the construction of public roads,
as defined in Section 1 of this Act and, in order to make such financ-
ing possible, said County is hereby granted the power and authority
to borrow money and incur indebtedness for such purpose, from
time to time, in an amount not exceeding the sum of Two Million
Dollars ($2,000,000) and to evidence such borrowing by the issuance
and sale upon its full faith and credit of its serial maturity, gen-
eral 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 such public
roads construction or acquisition become necessary, provided, how-
ever, that the total debt which may be incurred pursuant to the
authority of this Act shall not exceed Two Million Dollars
($2,000,000).

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 public road or roads for which said borrowing or
indebtedness is intended, the amount needed for said purposes in the
aggregate, and determining to borrow money or incur indebtedness
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 resolution, 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-
annually, shall mature at such time or times as may be determined
by said resolution, and said bonds may, by said resolution, be made
redeemable before maturity, at the option of the County, at such
price or prices and under such terms and conditions as may be fixed
by said County, either in said resolution or in subsequent resolu-

 

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Session Laws, 1963
Volume 671, Page 1840   View pdf image (33K)
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