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Ch. 449
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1390
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LAWS OF MARYLAND
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(e) Bonds or notes issued in connection with the
acquisition of park lands in Montgomery County shall be
unconditionally guaranteed as to payment of principal and
interest in the manner hereinafter prescribed by the County
Council of Montgomery County, and the president of that body
shall endorse the guarantee on each bond or note on behalf of the
county, and the corporate seal of the county shall be affixed to
each bond or note attested by the secretary to the County
Council. Likewise, bonds or notes issued hereunder in connection
with the acquisition of park lands in Prince George's County
shall be similarly guaranteed by the county. The form of the
guarantee shall be: The payment of interest when due and of the
principal on maturity is guaranteed by .......... County,
Maryland.
(f) The Commission may issue its bonds, from time to time,
not exceeding one percent of the assessed value of the property
assessed for county taxes in the metropolitan district of Prince
George's and Montgomery counties, as to the aggregate of all
bonds outstanding at any one time, when necessary to enable the
Commission to secure any sums of money available to it for the
purchase of park lands within Montgomery and Prince George's
counties under the terms and provisions of Public Law 284, and
any amendments thereto, and do any and all things required by
that act or by the National Capital Planning Commission or other
federal agency in connection with obtaining the fund or funds;
and enter into any contract with any federal agency for the use
and expenditure of the moneys and the repayment of the same where
repayment is required. The bonds shall be of the same tenor as
the bonds heretofore issued by the Commission with a maturity not
exceeding 40 years and an interest rate not exceeding five
percent a year. The bonds shall be guaranteed by Montgomery
County and Prince George's County in the manner and form and
under the terms and conditions of the provisions of this title
hereinabove. The Commission shall expend or disburse the proceeds
of the bonds or any fund or funds received by reason of the
issuance of the bonds for the acquisition of park land within the
two counties in the proportion and manner now required under the
terms of the act of Congress or any contract or agreement made
pursuant thereto.
(g) If the Commission elects to exercise the powers
conferred upon it with the respect to acquisition of park lands
in the metropolitan district for the purpose of obtaining the
benefits of subsections (a) and (b) of § 1 of Public Law 284, as
amended, the Commission may exercise these powers with respect to
the acquisition of the additional park lands in the metropolitan
district referred to in Public Law 284, as amended by Public Law
No. 699 of the 79th Congress, approved August 8, 1946. It is the
intent and purpose of this section to provide that insofar as
concerns the acquisition of park lands in the metropolitan
district, the Commission may avail itself of the financial
benefits of Public Law No. 284, not only with respect to the park
lands listed in the act of Congress but also with respect to the
additional park lands listed in Public Law No. 699.]
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