2350

LAWS OF MARYLAND

Ch. 857

any time may not exceed an amount that can be redeemed
within 30 years from date of issue by means of so much of
the tax or taxes [of 12 cents in Montgomery County and 8
1/2 cents in fiscal year 1970, and ten cents thereafter
in Prince George's County] hereinafter authorized, as is
pledged to the payment of the bonds, to the extent that
the taxes are or are proposed to be levied in Montgomery
County or Prince George's County, or both. However
nothing herein limits the right of the Commission to
issue bonds to meet the provisions of paragraphs or
subsections (a) and (b) of § 1 of Public Law 284, as
amended, as provided for in this 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 the
tax or taxes at the rate [of 12 cents in Montgomery
County and 8 1/2 cents in fiscal year 1970, and ten cents
thereafter in Prince George's County per $100 of assessed
value] ESTABLISHED BY EACH COUNTY; (ii) 100 percent
collection of the tax in each fiscal year; (iii) the
assessed value of property at the time the bonds are
issued will remain constant.

6-106.

The Commission from time to time during any fiscal
year may borrow sums of money on promissory notes, to be
known as tax anticipation certificates of indebtedness,
to bear interest at not exceeding [six] 6 percent a year,
and to be signed by the chairman and secretary-treasurer
of the Commission, as necessary to meet its expenses
within either county under this title and also to meet
debt service payable from the [seven] 7 cent tax
authorized in this title on the bonds authorized
hereinabove in this title; these sums of money to be
borrowed from any bank or institution or individual
willing to lend them. The Commission from time to time
may reissue or renew its tax anticipation certificates of
indebtedness at the same or a greater interest rate not
exceeding [six] 6 percent a year, provided that the total
amount so borrowed and outstanding in any fiscal year
[do] DOES not exceed 75 percent of the total proceeds
received by the Commission from the tax levied and
collected during the Commission's preceding fiscal year
with the county under this title. All moneys borrowed
within any fiscal year shall be repaid during the next
succeeding fiscal year from the proceeds of the tax
received by the Commission in the fiscal year last
mentioned.

6-112.

(b) The net unexpended balance for each county
shall be computed as provided in this subsection. The
Commission shall deduct from its actual unexpended cash
receipts from the park tax an amount equal to debt
service for the next succeeding fiscal year on bonds
issued by it and outstanding with respect to property