HARRY HUGHES, Governor

4045

period of each year, the respective [county executive and
county commissioners] COUNTY EXECUTIVES shall certify to the
[sanitary commission] WSSC the whole valuation of assessable
property within the sanitary district. Such [sanitary
commission] WSSC 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] 1 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] $100 necessary to raise such
amount and shall so certify to both the [county council and
the board of county commissioners] COUNTY COUNCILS OF
MONTGOMERY AND PRINCE GEORGE'S COUNTIES. The [county
council and county commissioners] COUNTY COUNCILS OF
MONTGOMERY AND PRINCE GEORGE'S COUNTIES 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] 60 days they shall
remit the whole amount of tax collected to such [sanitary
commission] WSSC. 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]
WSSC 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] 1 or both
of the counties, to the credit of [the county council and
commissioners of] both counties and the [commission] WSSC,
as a joint fund to be known as "sinking fund account," the
amount so raised for the payment of the proportionate part
of the principal of such sinking fund bonds.

(b) The [commission] WSSC and the respective [county
council and commissioners] COUNTIES shall, from time to
time, invest the sinking fund in any bond or bonds in which
savings or trust funds are authorized to be invested by
national banks by the U.S. treasury department. Should
receipts from the tax or other sources be inadequate to pay
the principal of the serial bonds maturing in the taxable
year and to deposit the principal payment on the sinking
fund bonds, by reason of defaults or otherwise, such