3722

LAWS OF MARYLAND

[Ch. 892

park lands listed in [said] Public Law No. 699.
[45.] 6-102.

(a)    Authority. For the purpose of paying for
lands or other property within the District acquired or
to be acquired by the Commission, whether by condemnation
or purchase, for parks, parkways, forests, streets,
roads, highways, boulevards, and other public ways,
grounds, and spaces, and for the purposes of public
recreation, or for the development or improvement
thereof, the Commission [is authorized and empowered to]
MAY issue and sell serial bonds from time to time in
[such] amounts [as] it [may deem] DEEMS necessary for
[said] THESE purposes and under [such] rules and
regulations [as the Commission [may determine]
DETERMINES.

(b)    Limitation on issue. The total amount of
[such] THE bonds outstanding at any time [shall] MAY not
exceed [such] AN amount [as] THAT can be redeemed within
[thirty (30)] 30 years from date of issue by means of so
much of the tax or taxes of [twelve] 12 cents [ (12¢)] in
Montgomery County and [eight and one—half] 8 1/2 cents
[ (8 1/2 ¢)] in fiscal year 1970, and ten cents [(10¢)]
thereafter in Prince George's County hereinafter
authorized, as [shall be] IS pledged to the payment of
[such] THE bonds, to the extent that [said] THE taxes are
or are proposed to be levied in Montgomery County or
Prince George's County, or both[; except that]. HOWEVER
nothing herein [shall limit] LIMITS the right of the
Commission to issue bonds to meet the provisions of
paragraphs or subsections (a) and (b) of Section 1 of
[said] Public [Act] LAW 284, as amended, as provided for
in this [subheading] TITLE. In making the calculation to
determine compliance with the limitation contained in
this subsection, the Commission may make the following
assumption: (i) continued future levy of [said] THE tax
or taxes at the rate of [twelve] 12 cents [(12¢)] in
Montgomery County and [eight and one—half] 8 1/2 cents
[ (8 1/2¢)] in fiscal year 1970, and ten cents [ (10¢)]
thereafter in Prince George's County per [one hundred
dollars ($100.00)] $100 of assessed value; (ii) [than
there will be one hundred per centum (100%)] 100 PERCENT
collection of [said] THE tax in each fiscal year; [and
that] (iii) the assessed value of property at the time
[any such] THE bonds are issued will remain constant.

(c)     Form of and interest rate on bonds; sale;
redemption. The bonds shall be either registered or
coupon bonds in [such] A denomination or denominations as
[shall be] determined by the Commission and [shall] bear
interest at not exceeding eight [per centum (8%) per
annum] PERCENT A YEAR, payable semi—annually, and [shall]