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HARRY HUGHES, Governor
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1391
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[6-102.] 6-101.
(a) For the purpose of paying for lands or other property
within the district acquired or to be acquired by the Commission,
whether by condemnation or purchase, for parks, parkways,
forests, streets, roads, highways, boulevards, and other public
ways, grounds, and spaces, and for the purposes of public
recreation, or for the development or improvement thereof, the
Commission may issue and sell [serial] bonds, NOTES, AND OTHER
OBLIGATIONS, WHICH NEED NOT BE SERIAL, ("BONDS") from time to
time in amounts it deems necessary for these purposes and under
rules and regulations the Commission determines.
(b) The total amount of [the] bonds outstanding at any time
may not exceed an amount that can be redeemed within 30 years
from date of issue by means of so much of the tax or taxes
hereinafter authorized, as is pledged to the payment of the
bonds, to the extent that the taxes are or are proposed to be
levied in Montgomery County or Prince George's County, or both.
[However nothing herein limits the right of the Commission to
issue bonds to meet the provisions of paragraphs or subsections
(a) and (b) of § 1 of Public Law 284, as amended, as provided for
in this title.] In making the calculation to determine
compliance with the limitation contained in this subsection, the
Commission may make the following assumption: (i) continued
future levy of the tax or taxes at the rate established by each
county; (ii) 100 percent collection of the tax in each fiscal
year; (iii) the assessed value of property at the time the bonds
are issued will remain constant.
(c) [The bonds] BONDS shall be either registered or coupon
bonds in a denomination or denominations as determined by the
Commission, [and] SHALL bear interest annually at a rate the
Commission determines to be advantageous and OTHERWISE in the
public interest, PAYABLE SEMIANNUALLY OR AT SUCH OTHER TIMES AS
THE COMMISSION MAY DETERMINE, and SHALL mature in not exceeding
50 years from the date of issue, AND SHALL BE ISSUED UNDER THE
HAND AND SEAL OF THE COMMISSION, BY MANUAL OR FACSIMILE
SIGNATURE. Notwithstanding the provisions of any other law, the
Commission may sell [the] bonds at public sale or, if the
Commission by resolution determines that a more advantageous
price may be obtained [on smaller issues,] by private
negotiation, and may provide in the issue of bonds for their
redemption prior to their stated maturity, in whole or in part at
the option of the Commission, at redemption prices which may be
in excess of the par value of the bonds.
(d) (1) [The bonds] BONDS shall be issued upon the full
faith and credit of the Commission and of the county or counties
guaranteeing them as hereinafter provided. [The principal and
interest thereof shall be primarily payable from the proceeds of
the levy of tax or taxes of 12 cents in Montgomery and 8 1/2
cents in fiscal 1970, and ten cents thereafter in Prince George's
County which each county may levy upon each $100 of assessed
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