1756 LAWS OF MARYLAND, [CH. 921

shall be either registered or coupon bonds in such denomina-
tion or denominations as shall be determined by the Com-
mission and shall bear interest at not exceeding five per cent,
per annum, payable semi-annually, and shall mature in not
exceeding fifty years from the date of issue and shall be for-
ever exempt from State, county and municipal taxation. Said
bonds shall be issued upon the full faith and credit of the
Commission and of the County or Counties guaranteeing the
same as hereinafter provided and the principal and interest
thereof shall be primarily payable from the proceeds of the
levy of the tax or taxes of seven cents (7f) which each County
is hereby authorized and empowered to levy upon each one
hundred dollars ($100. 00) of assessed valuation of property
lying within that portion of the district in each County re-
spectively. They shall be issued under the hand and seal of
said Commission and shall be guaranteed as to the payment of
principal and interest in the following manner: In the event
that the said seven (7c) cent tax of this Act is levied and col-
lected throughout the district the said bonds shall be guar-
anteed as to the payment of principal and interest by the
County Commissioners of both Montgomery and Prince
George's Counties, which guarantee shall be endorsed on each
of said bonds in the following language: "The payment of in-
terest when due and of the principal on maturity is guaran-
teed by Montgomery and Prince George's Counties, Mary-
land"; and such endorsement shall be signed on each of said
bonds by the president and secretary or the clerk of the Board
of County Commissioners of each 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 county shall be in such
proportion as the assessable basis of that part of such county
within the district bears to the assessable basis of the whole
of said district. In the event that the said seven (7c) cent
tax is levied and collected only throughout that portion of the
district within Montgomery County the said bonds shall be
guaranteed as to the payment of principal and interest by the
County Commissioners of Montgomery County, which guaran-
tee shall be endorsed on each of said bonds in the follow-
ing language: "The payment of interest when due and of the
principal on maturity is guaranteed by Montgomery County,
Maryland"; and such endorsement shall be signed on each
of said bonds by the president and clerk of the Board of
County Commissioners of Montgomery County within twenty
days after the bonds are presented by said Commission to
them for endorsement, and likewise, if said tax is levied and
collected only throughout that portion of the district within
Prince George's County; provided, however, that in the event