Montgomery County                                2265

The proceeds of the bonds of such series, to an amount equaling the princi-
pal 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 deliver-
ing 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 monies 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 by the resolution or resolutions of the County Council
authorizing such bonds or subsequent resolutions of the County Council
adopted prior to their issuance.

Section 4. The bonds of each such series shall mature in such number
of consecutive annual installments, not exceeding thirty (30) and be-
ginning not more than one year from the date of such bonds, as may be
determined by the resolution or resolutions of the County Council author-
izing such bonds, and no one of such installments shall be less than fifty
per centum (50%) of any other installment. None of such bonds shall
bear interest at any rate or rates higher than five per centum (5%) per
annum.

Section 5. Such bonds shall not be subject to the provisions of Sections
9, 10, and 11 of Article 31 of the Annotated Code of Maryland (1967
Replacement Volume), and the County Council may issue, deliver and
sell said bonds at public sale in such manner and for such price or prices as
it may by resolution determine, provided that no sale shall be for a price
or prices less than the face value of said bonds and accrued interest thereon.

Section 6. All such bonds shall be issued upon the full faith and credit
of the County which is hereby pledged to the punctual payment of the
principal thereof and interest thereon, and they shall be payable primarily
from the taxes and other funds collected from the Silver Spring Parking
Lot District pursuant to Title II, Chapter 44, of the Montgomery County
Code 1965, as now or hereafter amended, but if such taxes and other
funds are insufficient for such purpose, such bonds shall be payable from
unlimited ad valorem taxes levied upon all assessable property within the
County, and the resolution or resolutions of the County Council authorizing
the issuance of such bonds or certificates of indebtedness shall so provide.
In each and every fiscal year that any such bonds are or will be out-
standing, the County and the County Council shall levy or cause to be
levied the special taxes authorized by said Chapter 44 in an amount or
amounts sufficient to provide for the payment when due of the interest and
principal of all such bonds becoming due in such fiscal year, and if the
amount of estimated receipts from such special taxes, together with other
revenues available for the payment of such interest and principal, shall