4126 ARTICLE 17.

and drainage system in the Sanitary District, said Commission is author-
ized 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 bonds, not including the payment of bonds assumed under
this Act, exceed fourteen per centum of the total assessable basis of all
property assessed for county taxation purposes, within the Sanitary Dis-
trict; provided, however, that the issuance of said bonds under this Act
shall be first approved by the Public Service Commission of Maryland,
upon proper petition, thirty days' notice and hearing as now provided by
the law for Public Service Corporations in the State of Maryland 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 denomi-
nations 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
of said Commission, including those heretofore issued, shall be forever
exempt from taxation by the State of Maryland, and by the counties and
municipalities in said State.

They shall be issued under the hand and seal of said Commission 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 endorsed on each of said bonds in the following lan-
guage: "The payment of interest when due and 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 Com-
mission to them for 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. Said
Commission may in its discretion purchase and cancel the present out-
standing bonds issued by authority of Chapter 313 of the Acts of 1916
out of the funds derived from any issue of bonds under this Act.

1918, ch. 122, sec. 6.

1019. For the purpose of retiring the bonds authorized to be issued
by this Act and the payment of the interest thereon, there shall be levied
against all the assessable property within said Sanitary District, by the
County Commissioners of Montgomery and Prince George's Counties, an-
nually, so long as any of said bonds are outstanding and not paid, a tax
sufficient to meet the interest on said bonds as it becomes due, and to pay
the principal thereof as they mature, said tax to be determined, levied, col-
lected and paid over in the following manner: At least thirty days before
the tax levying period of each year, the respective County Commissioners
shall certify to the Sanitary Commission the whole valuation of assessable