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2475
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MARVIN MANDEL, Governor
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full faith and credit of St. Mary's County, in such
amounts as it may deem to be necessary to carry on its
work, but at no time shall the total issue of bonds in
any sanitary district for all purposes under this
subtitle exceed 25 percent of the total value of the
property assessed for county taxation purposes within the
sanitary district. Subject to the conditions contained
herein the form, tenor, manner of selling, and all other
matters relating to the issuance of bonds under this
subtitle shall be prescribed in a resolution to be
adopted by the St. Mary's County Metropolitan Commission
prior to sale of the bonds. The issuance of such bonds
may not be subject to any limitations or conditions
contained in any other law and the Commission may sell
such bonds in such manner, either at public or private
sale, and for such price, as it may determine to be for
the best interests of the Commission and the County
Commissioners of St. Mary's County. The bonds shall be
serial bonds issued upon the serial maturing plan and in
such denominations as shall be determined by the
Commission, the bonds may be redeemable before maturity
at the option of the Commission at such price and under
such terms and conditions as may be fixed by the
Commission prior to the issuance of the bonds, shall bear
interest at such rate or rates payable semi-annually, as
shall be determined by a resolution of the St. Mary's
County Metropolitan Commission adopted prior to the
delivery of the bonds, and shall mature in not more than
30 years after date of issue and shall be forever exempt
from State, city and county taxation as hereinafter
provided. The shall be issued under the signature and
seal of the Commission and shall be unconditionally
guaranteed as to payment of both principal and interest
by the County Commissioners of St. Mary's County, a
political subdivision of the State of Maryland, which
guarantee shall be endorsed on each of the bonds in the
following language: "The payment of interest when due and
the principal at maturity is guaranteed by the County
Commissioners of St. Mary's County, Maryland". Such
endorsement shall be signed on each of the bonds by the
President and by the Clerk of the Board of County
Commissioners of the County, OR ANOTHER PERSON LAWFULLY
ASSIGNED TO THE FUNCTIONS OF THE CLERK, within ten days
after the bonds are presented by the Commission to them
for endorsement.
The principal amount of bonds issued hereunder, the
interest payable thereon, their transfer, and any income
derived therefrom, including any profit made in the sale
or transfer thereof, shall be and remain exempt from
taxation by the State of Maryland and by the several
Counties and municipal corporations of this State.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 17, 1977.
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