1238                               Laws of Maryland                        [Ch. 780

persons entitled thereto from time to time, shall be and remain for-
ever exempt from all State, county, and municipal taxation of every
kind and nature whatsoever in the State of Maryland. None of
the provisions of Sections 10 and 11 of Article 31, Annotated Code
of Maryland (1957 Edition, as amended from time to time), shall
be applicable to or have any bearing upon the manner and method
of sale of the bonds or notes authorized in this or any other pre-
ceding sections of this sub-title.

49.  Tax Anticipation Certificates OF Indebtedness.

The Commission is authorized and empowered from time to time
during any fiscal year to borrow such sums of money on promis-
sory notes, to be known as Tax Anticipation Certificates of Indebted-
ness, to bear interest at not exceeding six per centum (6%) per
annum, and to be signed by the Chairman and the Secretary-Treas-
urer of the Commission, as may be necessary to meet its expenses
within either County under this sub-title and also to meet debt service
payable from the seven-cent tax authorized in this sub-title on the
bonds authorized hereinabove in this sub-title; said sums of mon-
ey to be borrowed from any bank or institution or individual willing
to lend them. The Commission is authorized from time to time to re-
issue or renew its Tax Anticipation Certificates of Indebtedness at the
same or a greater interest rate not exceeding six per centum (6%)
per annum, provided that the total amount so borrowed and out-
standing in any fiscal year shall not exceed seventy-five per centum
(75%) of the total proceeds received by the Commission from the
tax levied and collected during the Commission's preceeding fiscal
year with such County under this sub-title. All moneys so borrow-
ed within any fiscal year shall be repaid during the next succeeding
fiscal year from the proceeds of the said tax received by the Com-
mission in the fiscal year last mentioned.

50.    Flood Control Bonds.

The Commission has the authorizations and directives for the
issue of bonds for financing the Anacostia River flood control and
navigation projects as provided in Section 1610(b) of the 1953 Ed-
ition of the Code of Public Local Laws of Prince George's County,
as that Section may be amended or re-numbered from time to time.
The Commission also has the directive to pay a pro rata share of
the principal and interest on bonds issued under the authority of
Section 1610A of the 1953 Edition of the Code of Public Local Laws
of Prince George's County, as the same was enacted by Chapter 154
of the Acts of the General Assembly of 1955 and as it may be amend-
ed or re-numbered from time to time.

Taxation

51.    Taxes To Be Levied in Montgomery County and in Prince
George's County.

(a) Required in Montgomery County.—From June 1, 1953, Mont-
gomery County is authorized and directed to levy against all of the
property within that portion of the Metropolitan District within
Montgomery County assessed for the purposes of county taxation,
annually the tax of seven cents (7c) on each one hundred dollars