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Session Laws, 1975
Volume 716, Page 3732   View pdf image
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[Ch. 892

Commission and the county to pay the principal and
interest thereof when due. The Commission [is directed
to] SHALL certify annually to the county the amount of
money necessary to pay the principal and interest and
also [to] apply to [such] THE payment all funds in its
hands received from the county for this purpose.

(e) Redemption prior to maturity. In addition,
the Commission [is empowered to] MAY solicit from the
holders of [said] bonds[,] tenders for the redemption
thereof prior to maturity, either at, above, or below the
par value thereof plus accrued interest, and [to]
purchase [said] THE bonds from the funds [sol accumulated
at the prices offered. No such price [shall] MAY exceed
the par value of [said] THE bonds plus a premium of five
[per centum (5%)] PERCENT of par value. In order to
obtain any [such tenders] TENDER, the Commission may
employ any broker, banker, or other person or persons,
qualified to obtain [the same] IT and [may], by public
notice or otherwise, MAY prescribe the terms and
conditions under which it will receive the tenders.

[53.] 6-110.

Immediately upon the sale of any bonds or notes
issued under the sections hereinabove in this
[subheading] TITLE on account of lands acquired in
Montgomery County, the Commission [is directed to] SHALL
certify to Montgomery County the amount of bonds or notes
[sol issued and the rate of interest and maturities. So
long as any of [said] THE bonds or notes [shall be] ARE
outstanding and unpaid, the county [is authorized and
directed to] SHALL levy against all property within that
portion of the Metropolitan District within Montgomery
County assessed for the purposes of county taxation[,] an
annual tax in a sum sufficient to pay the interest on
[said] THE bonds or notes and to pay the principal of the
[said] bonds or notes upon maturity. The tax shall be
levied and collected, and have the same priority rights,
bear the same interest and penalties, and in every
respect be treated as county taxes. As hereinabove
provided, the proceeds of the collection of [said] THE
tax shall be the primary source of revenue for the
payment of the principal and interest maturities of
[said] THE bonds or notes. The tax [so] levied shall be
collected by Montgomery County, and every [sixty (60)] 60
days it shall remit to the Commission the whole amount of
the tax [so] collected to date.

[54.] 6-111.

Montgomery and Prince George's Counties [are
authorized] from time to time [to] MAY grant monies to
the Commission, upon the request of the Commission, for


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Session Laws, 1975
Volume 716, Page 3732   View pdf image
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