WM. PRESTON LANE, JR., GOVERNOR. 1297

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; pro-
vided, 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 annu-
ally, 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 Dis-
trict or of said Commission, including those heretofore issued,
shall be forever exempt from taxation by the State of Mary-
land 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 Council or the County Commis-
sioners of both Montgomery 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 Commission 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 Council or the
County Commissioners shall be signed on each of said bonds
on behalf of each County by the Secretary or Clerk of the
County Council or the Board of County Commissioners or by
any officer designated for such purpose by the County Council
or 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 proportion as the assessable basis of that part of
either county within the Sanitary District bears to the assess-
able basis of the whole of said District.