HERBERT R. O'CONOR, GOVERNOR. 1761

tion for which any such issue of the bonds hereby authorized,
are issued.

In pursuance of the foregoing, The Maryland-National
Capital Park and Planning Commission is hereby granted full
power and authority to offer said bonds for sale at not less
than par, either by competitive bids at public sale or by private
negotiation; to issue said bonds in serial maturity form or
with a single fixed date of maturity; to make said bonds re-
deemable in whole or in part by lot or otherwise after a certain
period or date; to issue the same subject to registration as to
principal and interest or as to principal only; to establish and
maintain, in accordance with existing law, a sinking fund for
the payment of the maturing principal and interest of said
bonds; to fix the interest rate payable thereon, not exceeding
five per centum (5%) per annum, or to prescribe the manner
in which such rates of interest shall be determined, and gen-
erally, in its discretion, to determine all of the provisions of
such bonds.

Said bonds, when, as and if issued in accordance with the
foregoing provisions, shall be guaranteed, by endorsement
thereon, as to payment of principal and interest by the County
Commissioners of Montgomery County or by the County Com-
missioners of Prince George's County, as the case may be, in
the manner hereinabove prescribed for all other issues of bonds
or notes of The Maryland-National Capital Park and Planning
Commission. All of said bonds shall be issued upon the full
faith and credit of The Maryland-National Capital Park and
Planning Commission and upon the full faith and credit of the
County guaranteeing said bonds, and the principal and interest
thereof shall be payable, either directly or through the medium
of a sinking fund, from the proceeds of the collection of the
taxes hereinabove or hereinafter authorized to be levied to pro-
vide funds for servicing the bonds or notes in substitution for
which the bonds hereby authorized shall be issued, but the
funds needed for principal and interest payments of the bonds
hereby authorized shall not be preferred in the division of said
tax proceeds over the funds needed for principal and interest
payments on any other issue of bonds or notes payable there-
from in accordance with law.

Said bonds hereby authorized, and the interest payable
thereon, in the hands of the persons entitled thereto from time
to time, shall be and remain forever exempt from all State,
county and municipal taxation of every kind and nature what-
soever in the State of Maryland, and none of the provisions of
Chapter 630 of the Acts of the General Assembly of Maryland,
passed at its January Session in the year 1939, shall be
applicable to or have any bearing upon the manner and method
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