J. MILLARD TAWES, GOVERNOR                          1237

or notes initially issued to the National Capital Planning Commis-
sion, In no event shall bonds or notes initially issued to the National
Capital Planning Commission on account of lands purchased in
Prince George's County and bonds and notes initially issued to said
National Capital Planning Commission on account of lands pur-
chased in Montgomery County be refunded or re-purchased through
the flotation of a single issue of refunding bonds authorized herein-
above.

(c)    Identification and maturity of refunding bonds.—The re-
funding bonds so authorized may be identified as refunding bonds
or may be designated in any other appropriate fashion. The Com-
mission has full and complete power and authority to determine
the terms and conditions of the bonds and the manner, method and
place of the sale thereof, subject only to the condition that in no
event shall any issue of said bonds mature later than sixty (60)
years from the earliest of the respective dates of issue of the cor-
responding series of bonds or notes initially issued to the National
Capital Planning Commission in substitution for which any such
issue of bonds hereby authorized, are issued.

(d)  Sale of refunding bonds.—In pursuance of the foregoing, the
Commission has 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 the bonds in serial maturity form
or with a single fixed date of maturity; to make the bonds redeem-
able in whole or in part by lot or otherwise after a certain period
or date; to issue them subject to registration as to principal and
interest or as to principal only; to establish and maintain, in ac-
cordance with existing law, a sinking fund for the payment of the
maturing principal and interest of the bonds; to fix the interest rate
payable thereon, not exceeding five per centum (5%) per annum, or
to prescribe the manner in which the rates of interest shall be de-
termined; and generally, in its discretion, to determine all of the
provisions of such bonds.

(e)  Guarantee of refunding bonds.—Said bonds, when, as, and
if issued in accordance with the foregoing provisions, shall be
guaranteed, by endorsement thereon, as to payment of principal and
interest by Montgomery County or by the County Commissioners of
Prince George's County, as the case may be, in the manner herein-
above prescribed for all other issues of bonds or notes of the Com-
mission. All of the bonds shall be issued upon the full faith and
credit of the Commission and upon the full faith and credit of the
County guaranteeing them. 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 substitution for which the bonds hereby auth-
orized shall be issued, but the funds needed for principal and in-
terest payments 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.

(f)  Tax exemption for refunding bonds.—Said bonds hereby
authorized, and the interest payable thereon, in the hands of the