46                                Laws of Maryland                        [Ch. 41

title "County Commissioners", sub-title "Erosion", relating to the
maturity dates of bonds authorized to be issued for erosion pre-
vention works, correcting errors therein and relating generally to
erosion in the State.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 163 (b) of Article 25 of the Annotated Code of Mary-
land (1957 Edition), title "County Commissioners", sub-title "Ero-
sion", be and it is hereby repealed and re-enacted, with amendments,
to read as follows:

163. Construction of erosion prevention works; issue of bonds,
etc., therefor.

(b) Issue of bonds, notes, etc., to pay for such works.—For the
purpose of providing funds for the purchases and condemnations
authorized by Section [168] 162 hereof, for the construction of
erosion prevention works in or for any of said taxing and assess-
ment districts, the said county commissioners, acting as district
council for the district in or for which erosion prevention works are
to be constructed, are hereby authorized and empowered to borrow
money upon the faith and credit of the taxing and assessment dis-
trict to be so protected in such amount or amounts as it may deem
necessary to complete the construction of such erosion prevention
works in or for such taxing and assessment district. The money so
borrowed shall bear interest at a rate or rates to be fixed by said
county commissioners, not exceeding six per centum per annum, pay-
able semi-annually, and shall be secured by notes, certificates of
indebtedness or bonds issued by the county commissioners, acting as
district council for each district to be so improved, upon the faith
and credit of such taxing and assessment district. Said notes, certifi-
cates of indebtedness or bonds shall be and remain exempt from
State, county and municipal taxation. Said notes, certificates of in-
debtedness or bonds shall be made payable within [fifteen] thirty
years after the issuance thereof. Said notes, certificates of indebted-
ness or bonds shall be issued under the hand and seal of the county
commissioners, acting as district council for the district for which
said notes, certificates of indebtedness or bonds are issued, and said
bonds, only, shall be guaranteed as to the payment of principal and
interest by the county commissioners of the county, which guaranty
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.......................................................................................................................County,

Maryland." Such endorsement shall be signed on each of said bonds
by the president and attested by the clerk of the board of county
commissioners of said county, and its corporate seal thereto affixed,
within twenty days after said bonds are ready for endorsement. Not-
withstanding the provisions of Sections [34, 35 and 36] 9,10 and 11
of Article 31 of the Annotated Code of Maryland (1957 Edition, as
amended from time to time), the notes, certificates of indebtedness,
or bonds may be sold either at the public sale or by private negotia-
tion, in the discretion of the county commissioners of the county issu-
ing the same, acting as a district council.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1959.

Approved February 16, 1959.