J. MILLARD TAWES, GOVERNOR                            379

427.    For the purpose of providing funds for the design, construc-
tion, establishment, purchase or condemnation of [water supply and
sewerage systems] the facilities and systems necessary to provide
the authorized urban service or services in any of the [sanitary]
districts, said Commission, after the approval of said County Com-
missioners, 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 [sanitary] district for all
purposes under this sub-title exceed fifteen per centum (15%) of
the total value of the property assessed for county taxation pur-
poses 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 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
interest by the County Commissioners 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 en-
dorsement shall be signed on each of said bonds by the President 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 price, as it may
determine to be for the best interests of the Commission and the
district to be served thereby, but no such sale shall be made at a price
so low as to require the payment of interest on the money received
therefor at more than five per centum per annum, computed with
relation to the absolute maturity of the bonds in accordance with
standard tables of bond values, excluding, however, from such com-
putation the amount of any premium to be paid on the redemption
of any bonds prior to maturity. At any time prior to the issuance of
any such bonds the County Commissioners are hereby authorized and
directed to furnish to the Commission a sum not exceeding Five
Thousand Dollars ($5,000.00), which shall be repaid out of the first
available moneys derived from the sale of the first bonds issued,
if any.

428.    (a) For the purpose of retiring the bonds authorized to be
issued by this sub-title and of paying the interest thereon, the Com-
mission shall cause to be levied, against all assessable property within
said [sanitary] districts for which said bonds have been issued, by
the said Commissioners annually so long as any of said bonds are
outstanding and not paid, a tax sufficient to provide such sum as the
Commission may deem sufficient and necessary, in conjunction with
any amounts as the Commission may estimate that it will be able to
collect out of the benefit assessments therefor levied by it but not yet
paid and any further funds then available for the purpose, to meet