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Session Laws, 1970
Volume 695, Page 1210   View pdf image
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1210                             Laws of Maryland                       Ch. 526

to said sale, the [Commission] Department and said county shall
have entered into an agreement, in accordance with law, which
shall specify that:

(i) The amount of bonds to be issued on behalf [on] of
said county, as herein provided, shall be repaid, together with in-
terest, within fifteen (15) years from their date or dates of issue;

(ii) Each issue of bonds under this section, on behalf of any
such county, shall first be approved prior to the sale thereof by
resolution of the Board of Public Works;

(iii) The State Comptroller shall be authorized and empowered
to withhold and deposit monies to the credit of a sinking fund
established for the purpose of paying the principal of and interest
on such bonds, from any and all funds allocable to such county
under Section 33 OR 34 of this article, after provision for sinking
fund requirements on county highway construction bonds authorized
and issued under Section 211-G of this article, until an amount
equal to such debt service payable in the current and next succeed-
ing fiscal year shall have been accumulated, and thereafter an
amount equal to debt service on said bonds in such succeeding
fiscal year, unless said county shall elect to deposit said amount
with the State Comptroller pursuant to subparagraph (iv) hereof,
provided however that no portion of said funds may be so with-
held that have been previously pledged for debt service on out-
standing bonds of said county, as provided in said Section 34;

(iv) In any year that any of said bonds covered by said agree-
ment are outstanding, said county may make an annual levy on
its taxable basis in rate and amount sufficient to provide a sum
equivalent to the amount to be withheld by the State Comptroller,
as provided in subparagraph (iii) above, in which event the State
Comptroller shall not withhold any more of said highway user
revenues of said county than may be necessary to assure payment
of the principal and interest of said bonds in the current and next
succeeding fiscal year;

(v) The State Comptroller shall at regular intervals pay from
said sinking fund to the [Commission] Department amounts suffi-
cient for the payment of the principal and interest of said bonds.

(c) Notwithstanding the provisions of said Section 34 of this
article for the distribution of the share of highway user revenues
among the counties and municipalities of the State, the State Comp-
troller is hereby further authorized and empowered to withhold an
amount sufficient to make up the debt service on any bonds issued
in accordance with an agreement of the type above described from
the share of the highway user revenues payable to municipalities
within any county, party to such agreement, in the event, in any
fiscal year, the said county shall fail to levy the tax provided for
in said agreement and said county's share of the highway user
revenues shall be insufficient to meet the debt service payment in
said year.

Sec. 13. And be it further enacted, That Section 83A-5(a) of
the Code of Public Local Laws of Prince George's County (being
Article 17 of the Code of Public Local Laws of Maryland) (1963
Edition, 1967 Supplement) title "Prince George's County," subtitle

 

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Session Laws, 1970
Volume 695, Page 1210   View pdf image
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