2298                               County Local Laws

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 appro-
priated only for payment of the cost and expenses of off-street parking lots
and facilities including the cost of printing and delivering and other ex-
penses 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
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 begin-
ning 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.

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 Bethesda 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 outstanding,
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