WM. PRESTON LANE, JR.,, GOVERNOR. 105

under this section, there shall not be included any bonds
authorized by Chapter 363 of the Acts of the General
Assembly of Maryland of 1947. Bonds hereafter issued
under the authority of this section shall be serial bonds
with the principal of any given issue payable annually,
commencing not more than three years from the date of the
bonds. The bonds may be either registered or coupon bonds,
or registerable 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 exceed five per centum (5%) per annum payable
semi-annually and shall mature not exceeding forty years
from the date of issue, and all bonds of said Commission,
including those heretofore 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 Mont-
gomery 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
maturity is guaranteed by Montgomery and Prince George's
Counties, Maryland." The bonds of the Sanitary Commis-
sion shall be signed by the Chairman and the Secretary-
Treasurer of the Commission or, if the Commission shall so
provide, by any two of its members and the official seal of
the Commission shall be impressed upon the bonds. Said
guaranty or endorsement by the County Commissioners shall
be signed on each of said bonds on behalf of each County by
the Secretary or Clerk of the Board of County Commissioners
or by any officer designated for such purpose by the Board
of County Commissioners, within twenty days after the bonds
are presented by said Commission for the signing of such
endorsement. In the event of any liability under the above
guaranty, such liability for each county shall be in such pro-
portion as the assessable basis of that part of either county
within the Sanitary District bears to the assessable basis of
the whole of said District.

SEC. 2. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the im-
mediate preservation of the public health and safety, and
being passed upon a yea and nay vote, supported by three-
fifths of all the members elected to each of the two Houses of
the General Assembly of Maryland, the same shall take effect
from the date of its passage, except, however, it shall not be
held to affect any bonds of the Sanitary Commission dated
prior to June 2nd, 1948.

Approved June 1, 1948.