662 LAWS OF MARYLAND. [CH. 606

shall then deposit the residue of said moneys in some bank
or banks in said County to the joint credit of the County
Commissioners and the Commission. The Commission is auth-
orized to pay the interest on any bonds that it may issue out
of the proceeds of the sale of said bonds, but not more than
one year's interest may be so expended.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1945.

Approved April 5, 1945.

CHAPTER 606.
(House Bill 680)

AN ACT to repeal and re-enact, with amendments, Section
5 of Chapter 991 of the Acts of 1943, relating to the nature,
type, maturity and the interest rate thereon of the bonds of
the Howard County Metropolitan Commission.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 5 of Chapter 991 of the Acts of 1943, relat-
ing to the Howard County Metropolitan Commission, be, and
the same is hereby repealed and re-enacted, with amendments,
to read as follows:

5. That for the purpose of providing funds for the design,
construction, establishment, purchase or condemnation of
water supply, sewerage and drainage systems in any of the sub-
districts, said Commission is authorized and empowered to
issue bonds, from time to time upon the faith and credit
of Howard County, in such amounts as it may deem to be
necessary to carry on its work, but at no time shall the total
issue of bonds in any sub-district, for all purposes under this
Act exceed ten per centum of the total value of the property
assessed for County taxation purposes within said sub-district.
Said bonds shall be serial bonds, issued upon the serial matur-
ing plan and in such denomination or denominations as shall
be determined by the Commission, said bonds 'may be redeem-
able before maturity at the option of the Commission, at such
price and under such terms and conditions as may be fixed by
the Commission prior to the issuance of said bonds, shall bear
interest at a rate not exceeding four 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. They shall be issued