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(A) Borrowing power authorized; form of assistance. If the County Commissioners of Allegany County shall at any time hereafter deem it advisable and expedient for the welfare of the citizens of the county to make a capital outlay or expenditure of money to assist the Commission in aid of the acquisition and/or construction and/or maintenance of any lands, structures, buildings, dams, impounding reservoirs, streambeds, waterways, roadways, rights-of-way, water rights or watersheds and appurtenances within the District, the County Commissioners are authorized and empowered to borrow any amount necessary for such purposes up to but not exceeding $1,000,000 from any governmental agency authorized to make such a loan at reasonable interest rates and upon reasonable terms of payment, or they are hereby authorized and empowered to issue and sell, upon the faith and credit of the county, bonds to an amount not exceeding $1,000,000.
(B) Sale and issuance of bonds. Should a bond issue be decided upon, then the County Commissioners of Allegany County are hereby directed to advertise in the newspaper, printed and published in Allegany County, as may be determined by the County Commissioners, at least once a week for 4 successive weeks, the sale of the bonds, and advertisement shall state the time and place where bids, conditioned as may be required, will be opened, and the County Commissioners shall reserve unto themselves the right to reject any and all bids. The bonds shall be signed on behalf of the County Commissioners of Allegany County by the President and countersigned by the Clerk thereof and shall bear the corporate seal of Allegany County. They shall bear interest, payable semiannually, at the rate of not over 5% per annum, for which interest coupons are to be attached to the bonds; they shall be in the denomination of $100 or any multiple thereof and shall mature and become payable in blocks of $50,000 each, the $50,000 to mature and become payable on the first day of July 1956 and $50,000 of the same shall mature and become payable on July 1 in each and every year thereafter to and including July 1, 1975; and the bonds and interest thereon shall be exempt from all state, county and municipal taxation in the State of Maryland.
(C) Disposition of proceeds; subsequent tax levy. Upon procuring the loan or the sale of the bonds, the County Commissioners of Allegany County are hereby authorized and directed to give all the proceeds of the loan or sale, except incidental expenses incurred in the engraving or lithographing of the same and other expenses connected therewith, to the Upper Potomac River Commission to be used by it in carrying out the purposes and intentions of this chapter, but the purchaser or purchasers of the bonds shall not in any manner be required to see to the proper application of the proceeds thereof, and thereafter the County Commissioners of Allegany County are hereby authorized and directed to make a special tax levy upon the assessable property of the county annually from year to year so long as the same may be necessary to meet all the interest and principal payments which may become due upon the loan or bonds according to the original tenor of either.
(1986 Code, § 114-7) (1957 Code, § 524; 1935, Ch. 409, § 7; 1936, Sp. Sess., Ch. 6; 1939, Ch. 143)