Maryland Maryland-National Capital Park and Planning Commission Section 6-108

Article - Maryland-National Capital Park and Planning Commission

§ 6-108.

      Immediately upon the sale of any bonds issued under the sections hereinabove in this title on account of lands acquired in Montgomery County, the Commission shall certify to Montgomery County the amount of bonds issued and the rate of interest and maturities. So long as any of the bonds are outstanding and unpaid, the county shall levy against all property within that portion of the metropolitan district within Montgomery County assessed for the purposes of county taxation an annual tax in a sum sufficient to pay the interest on the bonds and to pay the principal of the bonds upon maturity. The tax shall be levied and collected, and have the same priority rights as, bear the same interest and penalties as, and in every respect be treated as county taxes. As hereinabove provided, the proceeds of the collection of the tax shall be the primary source of revenue for the payment of the principal and interest maturities of the bonds. The tax levied shall be collected by Montgomery County, and every 60 days it shall remit to the Commission the whole amount of the tax collected to date.



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