428 LAWS OF MARYLAND. CH. 279

County Commissioners, or any person, bank or corporation, on
notes or other evidences of indebtedness a sum not exceeding
five thousand ($5, 000. ) dollars, which shall be repaid out of
the first bond issue of the particular locality or sub-district.

427B. All localities hereafter constituted as Sanitary Dis-
tricts or sub-districts shall for all purposes and intent become
a part of the whole Sanitary District immediately upon incor-
poration.

429. For the purpose of providing funds for the design,
construction, establishment, purchase or condemnation of the
water supply, sewerage and drainage systems in any of the
Sanitary Districts or sub-districts, said Commission is author-
ized and empowered to issue bonds, from time to time upon
the faith and credit of Anne Arundel County, in such amounts
as it may deem to be necessary to carry on its work, but the
total amount of bonds outstanding for all purposes under this
Act, after deducting the amount of cash and the then market
value of the securities of other issues held in the general Sink-
ing Fund for the redemption of outstanding Bonds shall not at
the time or times of the issue of any part thereof exceed twelve
and one half per centum of the total assessed value of all prop-
erty within the area subject to the jurisdiction of the Com-
mission as fixed for County taxation purposes.

429B. Said Bonds shall either be registered or coupon
Bonds in such denominations as shall be determined by the
Commission, shall bear interest at a rate not exceeding five per
centum per annum, payable semi-annually, and shall mature
in not more than thirty years after date of issue and shall be
forever exempt from State, City and County taxation.

429C. They shall be issued under the signature and seal of
the Commission and shall be guaranteed as to payment of
principal and interest by the County Commissioners of Anne
Arundel County, which guarantee shall be endorsed on each
of said bonds in the following language: "The payment of in-
terest when due and the principal at maturity is guaranteed
by Anne Arundel County, Maryland. " Such endorsement shall
be signed on each of said bonds by the President and by the
Clerk of the Board of County Commissioners of said County
within ten days after the Bonds are presented by the Commis-
sion to them for endorsement.

429D. At any time prior to the issuance of any such Bonds
the County Commissioners are hereby authorized and directed
to loan to the Commission or any person, bank or corporation
may loan to said Commission on notes or other evidence of