2788                            County Local Laws

CHAPTER 27
(BILL NO. 55-70)

AN ACT authorizing the issuance of bonds of Montgomery County,
Maryland, in the principal amount not exceeding $19,680,000
upon its full faith and credit for financing public school buildings,
or buildings for school purposes, and prescribing the terms and
conditions, by reference, 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 unlimited ad valorem taxes for the payment
of the principal and interest thereof.

Be It Enacted by the County Council for Montgomery County,
Maryland, that—

Sec. 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 incur indebtedness in a total amount not ex-
ceeding $19,680,000 for financing the construction, reconstruction,
improvement, extension, alteration, repair, purchase, conversion and
modernization of public school buildings, or buildings for school pur-
poses including the sites therefor, the cost of acquiring any such
buildings or sites, architectural and engineering services, including
preparation of plans, drawings and specifications for such schools
or the conversion or modernization thereof and the development of
grounds, and all customary permanent appurtenances and recreational
and pedagogical equipment for such schools. The proceeds from said
bonds may be applied to the payment of the first six months' interest
on said bonds.

Sec. 2. Sections 2-111 through 2-119, inclusive, of the Mont-
gomery County Code 1965, as amended, and each and every part of
such Sections, excepting therefrom only subsections (b), (c), (d)
and (e) of Sec. 2-111, be and they are hereby incorporated in this
Act, by reference, as a part hereof, it being the intention of the
County Council that said Sections shall be applicable in all respects
to the borrowing of money, the issuance of bonds, the application of
the proceeds of such bonds, and the levy of unlimited ad valorem
taxes for the payment of the principal and interest of the bonds
authorized by this Act.

Sec. 3. Any bonds issued and sold by the County pursuant to
the authority of this Act shall constitute, and they shall so recite,
an irrevocable pledge of the full faith and credit and unlimited taxing
power of the County. Montgomery County, Maryland, hereby cove-
nants and agrees that in each and every fiscal year in which any of
such bonds are outstanding, it will levy or cause to be levied ad
valorem taxes upon all the assessable property within the corporate