HERBERT R. O'CONOR, GOVERNOR. 1957

Commission, exceed f 1, 200, 000. 00 par amount with respect to
bonds or notes issued against lands purchased in Montgomery
County of $800, 000. 00 par amount with respect to bonds or
notes issued against lands purchased in Prince George's
County, nor shall any issue of said bonds mature later than
sixty (60) years from the earliest of the respective dates of
issue of the corresponding series of bonds or notes initially
issued to the National Capital Park and Planning Commis-
sion in substitution for which any such issue of the bonds
hereby authorized, are issued.

In pursuance of the foregoing, The Maryland-National Capi-
tal 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 pri-
vate negotiation; to issue said bonds in serial maturity form
or with a single fixed date of maturity; to make said bonds
redeemable in whole or in part by lot or otherwise after a
certain period or date; to issue the same subject to registra-
tion 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 generally, 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
Commissioners 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 col-
lection of the taxes hereinabove or hereinafter authorized to
be levied to provide 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 pre-
ferred in the division of said tax proceeds over the funds
needed for principal and interest payments on any other is-
sue of bonds or notes payable therefrom in accordance with
law.