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Ch. 449
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1392
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LAWS OF MARYLAND
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valuation of property lying within that portion of the district
in each county, respectively.]
(2) [The bonds shall be issued under the hand and
seal of the Commission, by manual or facsimile signature, and
shall be guaranteed as to the payment of principal and interest
in the following manner:] In the event that the Commission
resolves to expend the proceeds of any [series] ISSUE of [such]
bonds throughout the METROPOLITAN district, the bonds shall be
guaranteed to the payment of principal and interest by Prince
George's County and by Montgomery County. The guarantee shall be
endorsed on each of the bonds in the following language: "The
payment of interest when due and of the principal on maturity is
guaranteed by Montgomery and Prince George's counties, Maryland."
This endorsement shall be signed by manual or facsimile signature
on each of the bonds by the county executives of Montgomery and
Prince George's counties [within 20 days after the bonds are
presented by the Commission to them for endorsement]. [(e)] In
the event of any liability under the above guarantee, the
liability for each county shall be in the proportion the
assessable basis for that part of the county within the
metropolitan district bears to the assessable basis of the whole
of the district.
[(f)] (3) If the proceeds of any [series] ISSUE of bonds
are to be expended only in or for the benefit of that portion of
the METROPOLITAN district that is in Montgomery County, the bonds
shall be guaranteed as to the payment of principal and interest
by Montgomery County. The guarantee shall be endorsed on each of
the bonds in the following language: "The payment of interest
when due and of the principal on maturity is guaranteed by
Montgomery County, Maryland." The endorsement shall be signed on
each bond by the [executive head of the County Council] COUNTY
EXECUTIVE of Montgomery County [within 20 days after the bonds
are presented by the Commission to the Council for endorsement].
[(g)] (4) If the proceeds of [a series] ANY ISSUE of bonds
are to be expended only throughout that portion of the
METROPOLITAN district within Prince George's County, the
[guarantee] BONDS SHALL BE GUARANTEED as to the payment of
principal and interest [shall apply in the same respect to Prince
George's County.] BY THE COUNTY EXECUTIVE OF PRINCE GEORGE'S
COUNTY IN THE SAME FORM AND MANNER AS IS ABOVE PROVIDED FOR
MONTGOMERY COUNTY.
[(h)] (E) If the proceeds of [a series] ANY ISSUE of bonds
are to be expended throughout the METROPOLITAN district, [the]
SUCH proceeds [of the sale of bonds issued under this Title]
shall be expended in that portion of each county within [the]
SUCH district in such proportion as the assessable basis of that
portion of either county bears to the assessable basis of the
whole of [the] SUCH district. However, the Commission may issue
such bonds for carrying out its corporate purposes in that
portion of [the] SUCH district within either county[, the
principal and interest to be guaranteed by and payable as
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