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Ch. 448
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1386
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LAWS OF MARYLAND
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County shall levy annually upon all of the property assessed for
county tax purposes within such portion of said Sanitary District
in Prince George's County, upon the certification of the
Washington Suburban Sanitary Commission, an ad valorem tax at a
rate necessary to produce annually the sum required to pay such
principal and interest for the current year, which tax shall be
levied and collected as other Commission ad valorem taxes are
levied and collected and paid to the Commission. The bonds and
any notes issued in anticipation thereof for the purposes stated
in this section shall be guaranteed as to both principal and
interest by Prince George's County, and the County Council of
Prince George's County is hereby authorized and directed to
guarantee said bonds and notes substantially in the manner and
form provided for guarantee of the construction bonds of said
Sanitary District. Such guarantee shall operate as a pledge of
the full faith and credit of Prince George's County to the
payment of the maturing principal of and interest on said bonds
and notes and, to the extent that the taxes above provided for in
this section and any other moneys available or to become
available therefore (either through the issuance of bonds or
notes authorized hereunder or otherwise) are inadequate to
provide the funds necessary to pay such principal and interest in
any year, said County Council shall levy upon all property
subject to taxation within Prince George's County ad valorem
taxes in rate and amount sufficient to make up any such
deficiency.
(c) The Commission is authorized and empowered to issue its
negotiable notes from time to time in anticipation of the
issuance of bonds authorized under this section. Such notes may
be issued for periods not exceeding 5 years and may be renewed
from time to time for periods not exceeding 1 year, but such
notes, including renewals, shall mature and be paid not more than
5 years from the date of the note or notes first issued. Such
notes shall bear interest at such rate or rates as the Commission
determines to be advantageous to the District and otherwise in
the public interest, the interest to be payable at such time or
times on or before the maturity of the notes as the Commission
shall determine. Such notes shall be in such form and shall be
executed in such manner as the Commission shall provide. Such
notes shall be payable from the proceeds of the bonds in
anticipation of which they shall be issued; provided, however,
that the Commission may, in its discretion, in lieu of retiring
such notes by means of bonds, retire such notes from any funds
available for the payment of bonds authorized hereunder for the
project or projects for which such notes were issued, in which
event the maximum amount of bonds which may be issued under the
provisions of this section shall be reduced by the amount of such
notes so retired.
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SECTION 2. AND BE IT FURTHER ENACTED, That the Commission
may provide in any resolution authorizing issuance of such bonds
that the proceeds of the sale of such bonds or notes may be used
to pay either the first installment, or both the first and second
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