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Session Laws, 1983
Volume 745, Page 1402   View pdf image
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Ch. 449
collected from Prince George's County within Prince George's
County. (e) In each fiscal year beginning July 1, 1970, Prince
George's County may levy against all of the property in Prince
George's County assessed for the purposes of county taxation,
annually, a tax for recreation. Every 60 days the tax so levied
and collected to date by the county shall be remitted to the
[board.] COMMISSION. The proceeds of the tax shall be used by
[the board] SUCH COMMISSION to finance its adopted budget for the
purpose of regulating, operating and maintaining recreation
functions, programs, facilities and personnel in Prince George's
County as [the board] SUCH COMMISSION may determine. A tax of
not less than five cents on each $100 of assessed valuation shall
be levied for recreation. [6-109. (a)   For the purpose of paying principal and interest on the
bonds of Series L issued by the Commission as of January 1, 1950,
to which the full faith and credit of the Commission and of
Montgomery County are irrevocably pledged, the county annually
shall levy upon all assessable property within the limits of that
portion of the metropolitan district within Montgomery County, an
ad valorem tax in rate and amount sufficient to meet the annual
debt service requirements on the bonds so long as any of them
remain outstanding and unpaid. At the same intervals provided
elsewhere in this article for remittance by the county to the
Commission of the proceeds of the seven cent tax, the county
shall remit to the Commission the proceeds of the tax which it is
herein directed to levy to meet debt service on bonds. (b)  The levy of this tax is no longer mandatory if the
Commission has accumulated in a sinking fund established for that
purpose an amount sufficient to pay the principal of all of the
bonds as they become due or are tendered for prior redemption.
Thereafter the tax shall be levied only in amount sufficient to
pay the annual accruing interest on the bonds outstanding and
unpaid in any tax year. (c)  Nothing herein contained relieves Montgomery County
from its unconditional obligation to pay the principal and
interest of the bonds when they respectively become due, or to
levy ad valorem taxes upon all property subject to assessment for
taxation within the corporate limits of the entire county if the
tax becomes necessary for the payment, irrespective of whether or
not the Commission has accumulated sufficient funds for this
purpose. It is the intent hereof that Montgomery County shall
remain liable for the payment of principal and interest of the
bonds if the Commission fails, for any reason, to make payment. (d)  Nothing contained in this section or in any amendment
may be construed to impair the validity of the bonds above
described or the obligation of the Commission and the county to
pay the principal and interest thereof when due. The Commission

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Session Laws, 1983
Volume 745, Page 1402   View pdf image
 Jump to  

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