1234                            Laws of Maryland                       [Ch. 780

ways, forests, streets, roads, highways, boulevards, and other pub-
lic ways, grounds, and spaces, and for the purposes of public recre-
ation, or for the development or improvement thereof, the Commis-
sion is authorized and empowered to issue and sell serial bonds from
time to time in such amounts as it may deem necessary for said
purposes and under such rules and regulations as the Commission
may determine.

(b)  Limitation on issue.—The total amount of such bonds out-
standing at any time shall not exceed such amount as can be re-
deemed within fifty (50) years from date of issue by means of so
much of the tax or taxes of seven cents (7c) hereinafter authorized,
as shall be pledged to the payment of such bonds, to the extent
that said taxes are or are proposed to be levied in Montgomery
County or Prince George's County, or both; except that nothing
herein shall limit the right of the Commission to issue bonds to meet
the provisions of Paragraphs or Sub-sections (a) and (b) of Section
1 of said Public Act 284, as amended, as provided for in this sub-
title. The Comptroller of the State of Maryland at any time or
times upon the request of the Commission shall calculate and certify
to the Commission the amount of such bonds which may be issued
within said limitation, upon the assumption that the then assessed
value of property subject to said tax will remain constant; and the
certificate of the Comptroller shall be final and binding authority
to the Commission as to such amounts.

(c)  Form of and interest rate on bonds; tax exemption.—The
bonds shall be either registered or coupon bonds in such denomina-
tion or denominations as shall be determined by the Commission
and shall bear interest at not exceeding five per centum per annum,
payable semi-annually, and shall mature in not exceeding fifty years
from the date of issue. They shall be forever exempt from State,
county, and municipal taxation.

(d)   Guarantee of principal and interest on bonds.—(1) The
bonds shall be issued upon the full faith and credit of the Com-
mission and of the county or counties guaranteeing them as here-
inafter provided. The principal and interest thereof shall be
primarily payable from the proceeds of the levy of tax or taxes
of seven cents (7c) which each county is herein authorized and em-
powered to levy upon each one hundred dollars ($100.00) of asses-
sed valuation of property lying within that portion of the District
in each county, respectively. (2) Any such bonds shall be issued
under the hand and seal of the Commission and shall be guaran-
teed as to the payment of principal and interest in the following
manner: in the event that the said seven cent (7c) tax of this sub-
title is levied and collected COMMISSION RESOLVES TO EXPEND
THE PROCEEDS OF ANY SERIES OF SUCH BONDS throughout
the District, the said bonds shall be guaranteed to the payment of
principal and interest by the County Commissioners of Prince
George's County and by Montgomery County. The guarantee shall be
endorsed on each of said bonds in the following language: "The pay-
ment of interest when due and of the principal on maturity is guar-
anteed by Montgomery and Prince George's Counties, Maryland."
Such endorsement shall be signed on each of the bonds by the Presi-
dent and Secretary or the clerk or other executive head of the County