1436                                Laws of Maryland                         [Ch. 782

Commission of any particular District is authorized and empowered
to issue bonds, from time to time upon the full faith and credit of
the county or counties, in which said District is located, 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 sanitary district for
all purposes under this sub-title exceed twenty-five per centum of the
total value of the property assessed for county taxation purposes
within said sanitary district. The bonds of each issue shall be dated,
shall bear interest at such rate or rates not exceeding five per centum
per annum, shall mature at such time or times not exceeding forty
years from their date or dates, as may be determined by the Com-
mission, and may be made redeemable before maturity, at the option
of the Commission, at such price or prices and under such terms and
conditions as may be fixed by the Commission prior to the issuance
of the bonds. The Commission shall determine the form of the bonds,
including any interest coupons to be attached thereto, and the man-
ner of execution of the bonds, and shall fix the denomination or de-
nominations of the bonds and the place or places of payment of prin-
cipal and interest, which may be at any bank or trust company. In
case any officer whose signature or a facsimile of whose signature
shall appear on any bonds or coupons shall cease to be such officer
before the delivery of such bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. All bonds issued
under the provisions of this sub-title shall have and are hereby de-
clared to have, as between successive holders, all the qualities and
incidents of negotiable instruments under the negotiable instruments
law of the State of Maryland. The bonds may be issued in coupon or
in registered form, or both, as the Commission may determine, and
provision may be made for the registration of any coupon bonds as to
principal alone and also as to both principal and interest, and for the
reconversion into coupon bonds of any bonds registered as to both
principal and interest. The issuance of such bonds shall not be sub-
ject 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 price, as it may determine to be for
the best interests of the District and the county to be served thereby,
but no such sale shall be made at a price so low as to require the pay-
ment of interest on the money received therefor at more than five
per centum per annum, computed with relation to the absolute matur-
ity of the bonds in accordance with standard tables of bond values,
excluding, however, from such computation the amount of any
premium to be paid on the redemption of any bonds prior to maturity.
Said bonds shall be forever exempt from State, city and county taxa-
tion. They shall be issued under the signature and seal of the Com-
mission and shall be guaranteed as to payment of principal and in-
terest by the county or counties in which said District lies, 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 ... ., Maryland". Such endorsement shall
be signed on each of said bonds by the chief executive officer and by
the Clerk or Secretary of the particular governing body or bodies
within ten days after the bonds are presented by the Commission to
them for endorsement. At any time prior to the issuance of any such
bonds the governing body of a particular county is hereby authorized
and directed to furnish to the Commission a sum not exceeding Five