2602                               Municipal Charters

December Legislative Session 1968

Chapter 3
(Bill No. 3-68)

An Act authorizing the issuance of bonds of Montgomery County,
Maryland, in a principal amount not exceeding $950,000 upon its
full faith and credit, for parking lots for the Bethesda Parking Lot
District, prescribing the terms and conditions upon which said bonds
shall be issued and delivered and other incidental details with re-
spect thereto, and providing for the application of the proceeds of
such bonds and for the levy of taxes for the payment of the principal
and interest thereof.

Be It Enacted by the County Council for Montgomery County, Mary-
land, that—

Section 1. MONTGOMERY COUNTY, MARYLAND, is hereby au-
thorized at any time and from time to time, upon its full faith and
credit, to borrow money and to incur indebtedness in a total amount
not to exceed $950,000 for the purpose of financing the construction
and improvement of off-street parking lots and facilities for the parking
of automobiles and other vehicles for the Bethesda Parking Lot District,
as described in Title II, Chapter 44, Section 1, paragraph (b), entitled
"Bethesda Parking Lot District" of the Montgomery County Code 1965,
as now or hereafter amended, or acquiring such parking lots and facilities
or sites therefor, and in evidence of such borrowing and indebtedness to
issue its bonds at one time or from time to time, in various series, in
an aggregate principal amount not to exceed $950,000.

Section 2. Before the issuance of any series of said bonds, the County
Council shall by resolution determine the amount or amounts estimated
to be needed to pay the cost or expense of constructing, improving and
acquiring off-street parking lots and facilities for such District and sites
therefor, including the cost of printing and delivering and other expenses
of issuance of said bonds and any other incidental expenses. After or
simultaneously with the making of such determination and estimate, the
issuance of the bonds of such series may be authorized by resolution
or resolutions of the County Council in a principal amount not exceeding
the amount or amounts so estimated. It shall not be necessary that
such resolution or resolutions shall designate the site or sites of such
off-street parking lots or facilities, it being the intent hereof that bonds
may be issued hereunder prior to the selection of any such site or sites.
The proceeds of the bonds of such series, to an amount equaling the prin-
cipal amount of said bonds, shall be set aside from other County funds
and used and appropriated only for payment of the cost and expenses
of off-street parking lots and facilities including the cost of printing
and delivering and other expenses of issuance of said bonds and any
other incidental expenses, and the reimbursement of the general tax
receipts of the County for any moneys previously expended therefrom
for such facilities, and any balance of such proceeds, together with any
part of the sum so set aside which is not required for payment of
the cost and expense of off-street parking lots and facilities shall be
promptly applied to payment of such bonds as they become due.

Section 3. Subject to the provisions of Section 4 hereof, the bonds
of each such series shall bear such designation and such date or dates,
mature at such time or times, bear interest at such rate or rates payable
at such time or times, be in such denomination or denominations, be