494 ARTICLE 2.

the necessity and propriety of the improvement contemplated and whether
the district can stand the cost of the same; and the decision of the County
Commissioners shall be final.

1927, ch. 676, sec. 7.

429. For the purpose of providing funds for the design, construction,
establishment, purchase or condemnation of the water supply, sewerage
and drainage system in any of the Sanitary Districts, said Commission is
authorized and empowered to issue bonds, from time to time, in such
amounts as it may deem to be necessary to carry on its work, but at no
time shall the total issue of bonds in any Sanitary District for all pur-
poses, under this Act, exceed ten per centum of the total assessed value of
the property assessed for county taxation purposes within said Sanitary
District; provided, however, 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
the issuance of securities by public service corporations in the State of
Maryland, and the Public Service Commission is hereby given jurisdic-
tion and authority to determine the reasonableness of all such issues of
bonds. Said bonds shall be either registered or coupon bonds in such de-
nomination or denominations as shall be determined by the Commission,
shall bear interest at a rate not exceeding five per centum per annum, pay-
able semi-annually, and shall mature in not more than thirty years after
date of issue, and shall be for ever exempt from State, city and county
taxation. They shall be issued under the signature and seal of said Com-
mission, and shall be guaranteed as to payment of principal and interest
by the County Commissioners of Anne Arundel County, which guaranty
shall be endorsed on each of said bonds in the following language: "The
payment of interest when due and of the principal at maturity is guar-
anteed by Anne Arundel County, Maryland." Such endorsement shall be
signed on each of said bonds by the President and by the Secretary or
Clerk of the Board of County Commissioners of said county, within twen-
ty days after the bonds are presented by the Commission to them for en-
dorsement. At any time prior to the issuance of any such bonds, the
County Commissioners of Anne Arundel County are hereby authorized
and directed to loan to the Commission on the Commission's promissory
notes or other evidence of indebtedness, such sum or sums, not to exceed
ten thousand dollars ($10,000), as the Commission may from time to
time request, pending the flotation and issuance of said bonds; but any
amount so loaned to the Commission shall be refunded by it to the County
Commissioners out of the first available monies derived from the sale of
the first bonds issued thereafter.

1927, ch. 676, sec. 8.

430. For the purpose of retiring the bonds authorized by this Act to be
issued, and of paying the interest thereon, or is connected with the water
supply or the water, drainage or sewerage system therein, the Commission