2300                                  County Local Laws

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 $2,350,000
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 Silver Spring Parking Lot District, as described in Title II, Chapter
44, Section 44-1, paragraph (a), entitled "Silver Spring Parking Lot Dis-
trict" 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 $2,350,000.

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 reso-
lution 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 recon-
version 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 deter-
mined 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 deter-