650 LAWS OF MARYLAND. [CH. 524

keep available and open to public inspection during business
hours, at its principal office, a detailed audit and financial
statement of its accounts. The Commission shall file with the
County Commissioners of each County annually, a certified
copy of. such detailed audit, and financial statement.

Said Commission is authorized to formulate and adopt a
pension or retirement plan for its employees, including the
right to contract with any established insurance company
or insurance companies for a group, annuity, retirement or
pension plan, and to contribute so much thereto as it may
deem equitable, or be required to pay under any contract, and
such contribution or payment shall be charged as expenses
of the several departments of the Commission in the same
proportion that the receipts of the respective departments
bear to the total receipts of the Commission.

994. For the purpose of providing funds for the design,
construction, establishment, purchase or condemnation of the
water supply, sewerage and drainage system in the Sanitary
District, said Commission is authorized and empowered to
issue bonds, from time to time, in such amounts as it may
deem necessary to carry on its work, but at no time shall
the total issue of bonds, not including the payment of bonds
assumed under this sub-title, exceed fourteen per centum of
the total assessable basis of all property assessed for county
taxation purposes, within the Sanitary District. Said bonds
shall be either sinking fund bonds, the principal payable,
as to each issue, at a given time, out of the sinking fund
provided for in this Act, or serial bonds with the prin-
cipal of any given issue repayable annually, either type of
bond may be either registered or coupon bonds, or register-
able as to principal with interest represented by coupons, and
issued in such denomination or denominations as shall be
determined by the Commission, shall bear interest not to ex-
ceed five per centum (5%) per annum payable semi-annually
and shall mature not exceeding fifty years from the date of
issue, and all bonds of said Commission, including those here-
tofore issued, shall be forever exempt from taxation by the
State of Maryland, and by the counties and municipalities
in said State.

They shall be issued under the hand and seal of said Com-
mission and shall be guaranteed as to payment of principal
and interest by the County Commissioners of both Montgom-
ery and Prince George's Counties, which guaranty shall be
endorsed on each of said bonds in the following language:
"The payment of interest when due and the principal at ma-
turity is guaranteed by Montgomery and Prince George's
Counties, Maryland. " Such endorsement shall be signed on
each of said bonds by the President and Secretary or Clerk