1140 LAWS OF MARYLAND [CH. 385

of the Code of Public Local Laws of Maryland, title "Mont-
gomery County, " sub-title "Washington Suburban Sanitary
District, " and Section 1424 of the Code of Public Local Laws
of Prince George's County (1943 Edition), being Article 17
of the Code of Public Local Laws of Maryland, title "Prince
George's County, " sub-title "Washington Suburban Sanitary
District, " said sections having been amended by Chapter 541
of the Acts of 1949 and Chapter 92 of the Acts of 1950, be and
they are hereby repealed, and that a new section be and it is
hereby enacted in lieu thereof, to take the place thereof in
every way and form whatsoever, and to read as follows:

1287 (130-22) (1424). (a) For the purpose of providing funds
for the design, construction, establishment, extension, enlarge-
ment, purchase or condemnation of the water, sewerage and
drainage systems in the Sanitary District, said Commission
is authorized 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 work, but the aggregate amount of
bonds heretofore or hereafter issued under this section which
may be outstanding at any time, 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, how-
ever, 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 prin-
cipal 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, including
those heretofore issued, shall be forever exempt from taxation
by the State of Maryland and by the counties and municipali-
ties in said State. ANY BONDS HEREAFTER ISSUED BY
THE WASHINGTON SUBURBAN SANITARY COMMIS-
SION IN ITS NAME OR IN THE NAME OF THE WASH-
INGTON SUBURBAN SANITARY DISTRICT MAY BE
MADE REDEEMABLE BEFORE MATURITY AT THE
OPTION OF THE COMMISSION, AT SUCH PRICE OR