1508 LAWS OF MARYLAND. [CH. 526

missioners of Baltimore County are hereby authorized and em-
powered to create loans from time to time on the faith and
credit of Baltimore County, each loan to be in an amount equal
to the aggregate of all assessments of benefits on the properties
benefited by any such water system or by the extension of any
such water system or in an amount sufficient in the opinion and
judgment of said County Commissioners to construct, establish
or acquire any such water system, and to issue and sell certifi-
cates of indebtedness of Baltimore County as evidence of any
such loan, said certificates to be in good and sufficient form
and to be in denominations of five hundred dollars and multi-
ples thereof, and to be dated, to mature at such time or times
and in such amounts and to bear such rate of interest payable
at such time or times, as the County Commissioners of Balti-
more County may determine, said certificates to be signed by
the President of said County Commissioners and the Treas-
urer of said County and to have the corporate seal of Baltimore
County affixed thereto, and every loan shall be given an appro-
priate name by said County Commissioners with the word
"Water" included therein and every such loan and every part
thereof and the interest payable thereon shall be and remain
exempt from State, county and municipal taxes.

SEC. 5. That for the purpose of paying said certificates of
indebtedness when and as they mature and for the purpose of
paying the interest thereon when and as the same becomes due
a tax of one per cent, of the assessed valuations of all the prop-
erties benefited by any such system as may have been built,
acquired or established through the sale of said certificates, or
such part of one per cent, as may be deemed necessary or de-
sirable by the County Commissioners, shall be levied by said
County Commissioners of Baltimore County each year on the
property so benefited until said certificates and the interest
payable thereon are paid; said taxes so to be assessed and levied
to be a lien upon the property of the person so assessed and to
be collected as county taxes are now collected by law. In case
the property benefited by any such system is insufficient to pa"
said certificates as they mature or the interest thereon as the
same becomes payable, or in case the property benefited by said
system haa not been ascertained or in the judgment of said
County Commissioners is not capable of being assessed or in
fact has not been assessed for benefits, the said County Commis-
sioners of Baltimore County are hereby authorized and em-
powered to annually levy a tax upon the assessable property of
Baltimore County sufficient to pay and redeem said certificates