3090

LAWS OF MARYLAND

Ch. 805

[subtitle] ARTICLE or of any other law after July 1, 1968,
shall bear interest at such rate or rates annually as the
commission determines to be advantageous to the district and
otherwise in the public interest, notwithstanding any other
provisions of this [subtitle] ARTICLE to the contrary.

4-5. Retirement of bonds and notes generally; sinking fund;
tax anticipation notes.

(a) For the purpose of retiring the bonds and notes
authorized to be issued by this article and the payment of
the interest thereon, there shall be levied against all the
assessable property within such sanitary district, by the
county council and county commissioners of Montgomery and
Prince George's counties, respectively, annually so long as
any of such bonds or notes are outstanding and not paid, a
tax sufficient to meet the interest on such bonds and notes
as it becomes due, and to pay the principal thereof as they
mature, such tax to be determined, levied, collected and
paid over in the following manner: At least thirty days
before the tax levying period of each year, the respective
county executive and county commissioners shall certify to
the sanitary commission the whole valuation of assessable
property within the sanitary district. Such sanitary
commission shall then determine the amount necessary to be
raised for the ensuing year for the payment of interest on
all outstanding bonds and notes, the principal of all serial
bonds and of all notes maturing in such year and the
proportionate part of principal of all outstanding sinking
fund bonds, the amount to be paid on the principal of such
sinking fund bonds in any one year to be determined by the
usual table of redemption of bonds by annual deposit in a
sinking fund on interest; and after deducting all amounts in
hand applicable to payment of interest and principal on such
bonds and notes, as hereinafter provided, it shall determine
the number of cents per one hundred dollars necessary to
raise such amount and shall so certify to both the county
council and the board of county commissioners. The county
council and county commissioners in their next annual levy
shall levy such tax on all land and improvements and any
other property assessed for county tax purposes within such
sanitary district, which tax shall be levied and collected
as county taxes now are or may be hereafter by law levied
and collected, and have the same priority rights, bear the
same interest and penalties and in every respect be treated
the same as county taxes. The tax so levied, for the
ensuing year shall be collected by the respective tax
collecting authorities, and every sixty days they shall
remit the whole amount of tax collected to such sanitary
commission. From the money so received, together with the
amount in hand to the credit of such current bond fund, or
applicable to the payment of interest on its bonds and notes
and the principal thereof, the sanitary commission shall
first pay all interest on such bonds and notes as it
matures, pay, or reserve a sufficient amount of money to
pay, its serial bonds maturing in such taxable year, and
shall then deposit in some bank or banks in one or both of