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Session Laws, 1975
Volume 716, Page 3731   View pdf image
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assessed valuation shall be levied for recreation.
[52.] 6-109.

(a)    Levy required. For the purpose of paying
principal and interest on the bonds of Series L issued by
the Commission as of January 1, 1950, to which the full
faith and credit of the Commission and of Montgomery
County are irrevocably pledged, the county [is directed]
annually [to] SHALL levy upon all assessable property
within the limits of that portion of the Metropolitan
District within Montgomery County, an ad valorem tax in
rate and amount sufficient to meet the annual debt
service requirements on [said] THE bonds so long as any
of them [shall] remain outstanding and unpaid. At the
same intervals provided elsewhere in this [subtitle]
ARTICLE for remittance by the county to the Commission of
the proceeds of the [said] seven cent [(7¢)] tax, the
county [likewise] shall remit to the Commission the
proceeds of the tax which it is herein directed to levy
to meet debt service on [said] bonds.

(b)    When levy not mandatory. The levy of this tax
[shall] IS no longer [be] mandatory (hereunder when and]
if the Commission [shall have] HAS accumulated in a
sinking fund established for that purpose[,] an amount
sufficient to pay the principal of all of [said] THE
bonds (when and] as they [shall] become due or [shall be]
ARE tendered for prior redemption. Thereafter the tax
shall be levied only in amount sufficient to pay the
annual accruing interest on [such of] the bonds [as shall
be] outstanding and unpaid in any tax year.

(c)    Obligation of Montgomery County retained.
Nothing herein contained [shall relieve] RELIEVES
Montgomery County from its unconditional obligation to
pay the principal and interest of [any such] THE bonds
[as and] when [the same] THEY respectively become due,
[nor] OR to levy ad valorem taxes upon all property
subject to assessment for taxation within the corporate
limits of the entire county [should any such] IF THE tax
[become] BECOMES necessary for [such] THE payment,
irrespective of whether or not the Commission [shall
have] HAS accumulated sufficient funds for [said] THIS
purpose[, it being]. IT IS the intent hereof that
Montgomery County shall remain liable for the payment of
principal and interest of [said] THE bonds [in the event]
IF the Commission [shall fail] FAILS, for any reason, to
make [such] payment.

(d)    Bonds not to be impaired. Nothing CONTAINED
in this section [contained] or in any amendment [thereof,
shall] MAY be construed to impair the validity of [said]
THE bonds above described or the obligation of the


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Session Laws, 1975
Volume 716, Page 3731   View pdf image
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