ALBERT C. RITCHIE, GOVERNOR. 699

tion of the Commission without petition or request from any
party interested, said Commission may give such reasonable
notice as it deems advisable.

Section 5. That for the purpose of providing funds for the
design, construction, establishment, purchase or condemnation
of the water supply, sewerage and drainage system in the Sani-
tary District, said Commission is authorized and empowered
to issue bonds, from time to time, in such amounts as it may
deem necessary to carry on its work, but at no time shall the
total issue of the bonds, not including the payment of bonds
assumed under this Act, exceed twelve per centum of the
total assessable basis of all property assessed for county taxa-
tion purposes, within the Sanitary District; provided, how-
ever, that the issuance of said bonds under this Act shall be
first approved by the Public Service Commission of Mary-
land, upon proper petition, notice and hearing as now provided
by law for Public Service Corporations in the State of Mary-
land and the said Public Service Commission is hereby given
jurisdiction and authority to determine the reasonableness of
all such issues of bonds. Said 'bonds shall be either registered
or coupon bonds in such denomination or denominations as
shall be determined by the Commission, shall bear interest not
exceeding five per centum (5%) per annum, payable semi-
annually and shall mature not exceeding fifty years from the
date of issue, and all bonds issued by said Commission, includ-
ing those heretofore issued, shall be forever exempt from taxa-
tion by the State of Maryland, and by the counties and muni-
cipalities in said State.

They shall be issued under the hand and seal of said Com-
mission and shall be guaranteed as to payment of principal
and interest by the County Commissioners of both Montgomery
and Prince George's Counties, which guaranty shall be en-
dorsed on each of said bonds in the following language: "The
payment of interest when due and of the principal at maturity
is guaranteed by Montgomery and Prince George's Counties.
Maryland. " Such endorsement shall be signed on each of said
bonds by the President and Secretary or Clerk of the Board
of County Commissioners of each county, within twenty days
after the bonds are presented by said Commission to them for
endorsement. In the event of any liability under the above
guaranty, such liability for each county shall be in such pro-
portion as the assessable basis of that part of either county
within the Sanitary District bears to the assessable basis of the