238                               LAWS OF MARYLAND                        [CH. 161

SEC. 3. And be it further enacted, That this Act shall take effect
June 1, 1955.

Approved March 29,1955.

CHAPTER 161
(House Bill 498)

AN ACT to repeal and re-enact, with amendments, Section 5 of
Chapter 991 of the Acts of 1943, as said Section was amended by
Chapter 606 of the Acts of 1945, relating to the issuance of bonds
by the Howard County Metropolitan Commission, and increasing
the limitation for the issuance of the bonds from ten per centum
to twenty per centum of the total value of the property assessed
for County taxation purposes within any sub-district.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 5 of Chapter 991 of the Acts of 1943, as said Section
was amended by Chapter 606 of the Acts of 1945, be, and the same
is hereby repealed and re-enacted, with amendments, to read as
follows:

SEC. 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] twenty 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 maturing plan and in such denomination or
denominations as shall be determined by the Commission, said bonds
may be redeemable 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 under the signature and seal of the
Commission and shall be guaranteed as to payment of principal and
interest by the County Commissioners of Howard County, which
guarantee 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 Howard County, Maryland." Such en-
dorsement shall be signed on each of said bonds by the President
and by the Clerk of the Board of County Commissioners of said
County within ten days after the bonds are presented by the Com-

EXPLANATION: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.