12 LAWS OF MARYLAND. [CH. 2

to issue bonds, from time to time, in such amount as may
be necessary to carry out said purpose, but at no time shall
the total issue of bonds for any purpose, under this Act,
exceed five per centum of the total assessable basis of prop-
erty assessed for county taxation purposes within said
Sewerage District, said bonds shall be either registered
or coupon bonds, in such denomination or denominations
as shall be determined by the Commission, shall bear in-
terest not exceeding 5 per cent, per annum, payable semi-
annually, and shall mature not exceeding fifty years from
the date of issuance, or shall be on the serial annuity plan
as determined by said Commission. Said bonds shall be
forever exempt from state, county and municipal taxation.
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 Mayor, Counsellor and Aldermen of the
City of Annapolis and by the County Commissioners of
Anne Arundel County, said guarantee shall be indorsed on
each of said bonds in the following language: "The pay-
ment of interest when due and of the principal at maturity
is guaranteed by the Mayor, Counsellor and Aldermen of
the City of Annapolis and the County Commissioners of
Anne Arundel County, Maryland. " Such endorsement shall
be signed on each of said bonds by the Mayor and Clerk of
the City of Annapolis and by the President and Secretary
or Clerk of the Board of County Commissioners of Anne
Arundel 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 guarantee,
such liability for each agency shall be in such proportions
of the assessable basis of property assessed for county tax-
ation as that part of either agency, the assessed property
within the City being excluded from the County part, bears
to the assessable basis of the whole of said district.

SEC. 6. And be it further enacted, That for the purpose
of retiring the bonds authorized to be issued by this Act,
the payment of the interest thereon, and the payment of
funds as provided under Section 8 of this Act, there shall
be levied against all the assessable property within said
Sewerage District, by the Mayor, Counsellor and Aldermen
of the City of Annapolis and the County Commissioners of
Anne Arundel County, annually, 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, and for the funds as pro-
vided under Section 8 of this Act; said tax to be deter-