1758 LAWS OF MARYLAND [CH. 761

full power and authority to offer said bonds for sale at
not less than par, either by competitive bids at public sale
or by private negotiation; to issue said bonds in serial
maturity form or with a single fixed date of maturity; to
make said bonds redeemable in whole or in part by lot or
otherwise after a certain period or date; to issue the same
subject to registration as to principal and interest or as
to principal only; to establish and maintain, in accordance
with existing law, a sinking fund for the payment of the
maturing principal and interest of said bonds; to fix the
interest rate payable thereon, not exceeding five per centum
(5%) per annum, or to prescribe the manner in which
such rates of interest shall be determined, and generally,
in its discretion, to determine all of the provisions of such
bonds.

Said bonds, when, as and if issued in accordance with
the foregoing provisions, shall be guaranteed, by endorse-
ment thereon, as to payment of principal and interest by
[the County Commissioners of] Montgomery County or by
the County Commissioners of Prince George's County, as
the case may be, in the manner hereinabove prescribed for
all other issues of bonds or notes of The Maryland-National
Capital Park and Planning Commission. All of said bonds
shall be issued upon the full faith and credit of The
Maryland-National Capital Park and Planning Commission
and upon the full faith and credit of the County guaran-
teeing said bonds, and the principal and interest thereof
shall be payable, either directly or through the medium of
a sinking fund, from the proceeds of the collection of the
taxes hereinabove or hereinafter authorized to be levied
to provide funds for servicing the bonds or notes in substi-
tution for which the bonds hereby authorized shall be
issued, but the funds needed for principal and interest pay-
ments of the bonds hereby authorized shall not be pre-
ferred in the division of said tax proceeds over the funds
needed for principal and interest payments on any other
issue of bonds or notes payable therefrom in accordance
with law.

Said bonds hereby authorized, and the interest payable
thereon, in the hands of the persons entitled thereto from
time to time, shall be and remain forever exempt from all
state, county and municipal taxation of every kind and
nature whatsoever in the State of Maryland, and none of
the provisions of [Chapter 630 of the Acts of the General
Assembly of Maryland, passed at its January session in
the year 1939], Sections 33 and 34 of Article 31, Anno-
tated Code of Maryland of 1951 shall be applicable to or