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1955
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MARVIN MANDEL, Governor
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the same as if such officer had remained in office until
delivery. Coupon bonds may be registrable as to
principal.
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SECTION 3. AND BE IT FURTHER ENACTED, That any
bonds issued hereunder may be sold, in the discretion of
the County Commissioners of Caroline County, at public or
private sale and the entire issue of such bonds may be
sold to the Farm Home Administration of the United States
Department of Agriculture; provided that no bonds shall
be sold at less than par. Any bonds sold under the
authority hereby conferred shall be exempted from the
provisions of Sections 10 and 11 of Article 31 of the
Annotated Code of Maryland (1976 Replacement Volume and
Supplement), and such bonds and the coupons attached
thereto and the interest payable thereon shall be and
remain forever exempt from State, County and Municipal
taxation in the State of Maryland.
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SECTION 4. AND BE IT FURTHER ENACTED, That the
proceeds of the sale of such bonds shall be paid to the
Treasurer of the County Commissioners of Caroline County
and shall be placed in a special fund by the Treasurer,
and shall be paid out by the Treasurer only on warrants
from the Board of County Commissioners of Caroline
County. Such proceeds net of any expenses of issuance
and sale of said bonds shall be disbursed at one time or
in increments from time to time for the purposes
specified in Section 1 of this Act.
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SECTION 5. AND BE IT FURTHER ENACTED, That for the
purpose of paying the principal of and interest on such
bonds, or so much thereof as may not be provided for from
other sources, the County Commissioners of Caroline
County are authorized, empowered and directed to levy in
each-year so long as any of such bonds are outstanding
and unpaid, an ad valorem tax on all property subject to
taxation within Caroline County, sufficient in rate and
amount to pay the interest payable in that year on all
outstanding bonds and the principal of all bonds maturing
in that year, the proceeds of such tax to be kept in a
special fund and in no case to be used for any other
purpose. In case such bonds shall be issued in any year
after the making of the regular levy for that year, then
the County Commissioners of Caroline County are
empowered, authorized and directed to pay any and all
interest becoming due before the next levy, out of any
other funds at their disposal, and to levy at the next
succeeding levy an amount sufficient to reimburse such
other funds.
SECTION 6. AND BE IT FURTHER ENACTED, That this Act
is hereby declared to be an emergency measure and
necessary for the immediate preservation of the public
health and safety and having been passed by a yea and nay
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