922                              Laws of Maryland                       [Ch. 610

the bonds are presented by said Commission for the signing of such
endorsement. In the event of any liability under the above guaranty,
such liability for each county shall be in such proportion as the
assessable basis of that part of either county within the Sanitary
District bears to the assessable basis of the whole of said District.
Notwithstanding the foregoing provisions of this paragraph, the
Commission may, at its option and pursuant to the provisions of
Chapter 345 of the Laws of Maryland of 1957, waive the guarantee
of said Counties above provided for.

(c) Said Commission is hereby authorized and empowered to
issue from time to time, in such manner as it may determine, its
negotiable notes and/or certificates of indebtedness, the aggregate
amount of which shall not at any one time exceed Five Million Dol-
lars ($5,000,000), in anticipation of the issuance of bonds authorized
under this section; provided, however, that no such notes and/or
certificates of indebtedness shall be issued if the amount thereof to-
gether with the aggregate amount of bonds authorized hereunder
shall exceed the limitation of indebtedness prescribed in Sub-section
(a) hereof. All of said notes and/or certificates of indebtedness
shall be issued for periods of not exceeding one (1) year and may
be renewed from time to time for periods of not exceeding one (1)
year, but such notes and/or certificates of indebtedness, including
renewals, shall mature and be paid not more than five (5) years
from the date of the original notes and/or certificates of indebted-
ness. Said notes and/or certificates of indebtedness shall bear in-
terest at a rate not exceeding five per centum (5%) per annum, said
interest to be payable at such time or times as may be determined
by said Commission. All of said notes and/or certificates of in-
debtedness issued under the provisions of this section shall be pay-
able, in so far as it may be necessary, within the time prescribed
herein from the proceeds of the sale of bonds authorized to be issued
hereunder. All of said notes and/or certificates of indebtedness
issued hereunder, including interest thereon, shall be forever exempt
from taxation by the State of Maryland and by the counties and
municipalities in said State. Said notes and/or certificates of in-
debtedness shall be issued under the hand and seal of said Commis-
sion and shall be guaranteed as to payment of principal and interest
by the County Council or the County Commissioners of both Mont-
gomery and Prince George's Counties, which guaranty shall be en-
dorsed on each of said notes and/or certificates of indebtedness in
the following language: "The payment of interest when due and the
principal at maturity is guaranteed by Montgomery and Prince
George's Counties, Maryland." The notes and/or certificates of the
Sanitary Commission shall be signed by the Chairman and the Sec-
retary-Treasurer of the Commission or, if the Commission shall so
provide, by any two of its members and the official seal of the Com-
mission shall be impressed upon the notes and/or certificates of in-
debtedness. Said guaranty or endorsement by the County Council
or the County Commissioners shall be signed on each of said notes
and/or certificates of indebtedness on behalf of each County by the
Secretary or Clerk of the County Council or the Board of County
Commissioners or by any officer designated for such purpose by the
County Council or the Board of County Commissioners, within
twenty days after the notes and/or certificates of indebtedness are
presented by said Commission for the signing of such endorsement.