WM. PRESTON LANE, JR., GOVERNOR 419

providing for the issuance of bonds of the Washington Sub-
urban Sanitary Commission, and to provide for an audit or
examination of the books and records of the Commission by
the County Council of Montgomery County or by the Board
of County Commissioners of Prince George's County or
either of their duly authorized agents at any time, and to
repeal Chapter 541 of the Acts of the General Assembly
of 1949.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 1287 of Article 16 of the Code of Public
Local Laws of Maryland (Flack's Code of the Public Local
Laws of Montgomery County, 1947), and Section 1424 of
Article 17 of said Code (Flack's Code of the Public Local
Laws of Prince George's County, 1943) as the same were
amended by Chapter 524 of the Acts of 1943 and by Chapter
45 of the Acts of the Special Session of 1948, be and the same
are hereby repealed and re-enacted, with amendments, to read
as follows:

1287 (1424). For the purpose of providing funds for the
design, construction, establishment, extension, enlargement,
purchase or condemnation of the water, sewerage and drainage
systems in the Sanitary District, said Commission is author-
ized and empowered to issue bonds of the Sanitary District,
from time to time, in such amounts as it may deem necessary
to carry on its w^ork, but the aggregate amount of bonds
heretofore or hereafter issued under this section which may
be outstanding at anytime, less the amount held in the joint
sinking fund account for the payment of the principal of said
bonds, shall not exceed fourteen per centum (14%) of the
total assessable basis of all property assessed for county
taxation purposes within the Sanitary District; provided,
however, that in computing the amount of bonds which may
be issued under this section, there shall not be included any
bonds heretofore or hereafter issued for the payment of which
the Commission is required by law to fix and collect water
service charges at least sufficient to pay the principal and
interest requirements of such bonds. 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 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
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 District or of said Commission,