THEODORE R. McKELDIN, GOVERNOR                     349

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427. FOR THE PURPOSE OF PROVIDING FUNDS FOR THE
DESIGN, CONSTRUCTION, ESTABLISHMENT, PURCHASE OR
CONDEMNATION OF WATER SUPPLY AND SEWERAGE SYS-
TEMS IN ANY OF THE SANITARY DISTRICTS, SAID COMMIS-
SION, AFTER THE APPROVAL OF SAID COUNTY COMMISSION-
ERS, IS AUTHORIZED AND EMPOWERED TO ISSUE BONDS,
FROM TIME TO TIME UPON THE FULL faITH AND CREDIT
OF WICOMICO 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 SANI-
TARY DISTRICT FOR ALL PURPOSES UNDER THIS SUB-TITLE
EXCEED FIFTEEN PER CENTUM (15%) OF THE TOTAL
VALUE OF THE PROPERTY ASSESSED FOR COUNTY TAX-
ATION PURPOSES WITHIN SAID SANITARY DISTRICT. SAID
BONDS SHALL BE SERIAL BONDS ISSUED UPON SERIAL
MATURING PLAN AND IN SUCH 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 FIVE PER CENTUM
(5%) PER ANNUM, PAYABLE SEMI-ANNUALLY AND SHALL
MATURE IN NOT MORE THAN FORTY (40) 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 COM-
MISSION AND SHALL BE GUARANTEED AS TO PAYMENT OF
PRINCIPAL AND INTEREST BY THE COUNTY COMMISSION-
ERS OF WICOMICO 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
WICOMICO COUNTY, MARYLAND". SUCH ENDORSEMENT
SHALL BE SIGNED ON EACH OF SAID BONDS BY THE PRESI-
DENT OR VICE-PRESIDENT OF SAID BOARD OF COUNTY
COMMISSIONERS OF SAID COUNTY WITHIN TEN (10) DAYS
AFTER THE BONDS ARE PRESENTED BY THE COMMISSION
TO THEM FOR ENDORSEMENT. THE ISSUANCE OF SUCH
BONDS SHALL NOT BE SUBJECT TO ANY LIMITATIONS OR
CONDITIONS CONTAINED IN ANY OTHER LAW, AND THE
COMMISSION MAY SELL SUCH BONDS IN SUCH MANNER,
EITHER AT PUBLIC OR AT PRIVATE SALE, AND FOR SUCH