2262                                County Local Laws

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, Mary-
land, 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 $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 for 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 resolu-
tion 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 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 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 premium, as may be determined