2640                               Municipal Charters

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
respect 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, Maryland,
that—

Section 1. Montgomery County, Maryland, is hereby authorized, 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
$3,750,000 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 44-1, 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 bond at one time or from time to time, in various series, in an
aggregate principal amount not to exceed $3,750,000.

Section 2. Before the issuance of any series of said bonds, the
County Council shall by resolution determine the amount or amounts es-
timated 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 esti-
mate, 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 principal amount of said bonds, shall be set aside from other County
funds and used and appropriated only for payment of the cost and ex-
penses 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 re-
ceipts 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 pay-
able at such time or times, be in such denomination or denominations,
be in such form either coupon or registered, carry such registration,
conversion or reconversion privileges, be executed by such officers and
in such manner, be payable in such medium of payment at such place
or places within or without the State of Maryland, and be subject to
such terms of redemption at the option of the County with or without