J. MILLARD TAWES, GOVERNOR                          1261

cost of a project or projects in one or more subdistricts, the District
is hereby authorized and empowered to borrow money, from time to
time, and to evidence such borrowing by the issuance of its bonds,
which shall be unconditionally guaranteed as to payment of principal
and interest by the County, in the manner herein set forth. The
authority hereby conferred is subject to the limitation that the Dis-
trict shall issue no amount of bonds pursuant to this Section if, by
the issuance thereof, the total unpaid bonded indebtedness of the
District under this Section, less the amount of any sinking funds
or reserves for payment of bonds previously issued, shall exceed
fifteen per centum of the total assessed valuation of all property in
the District, subject to unlimited county taxation during the fiscal
year of the county most recently concluded. The bonds of each issue
shall be dated, shall bear interest at such rate or rates not exceeding
five per centum per annum, shall mature at such time or times not
exceeding forty years from their date or dates, as may be determined
by the Commission, and may be made redeemable before maturity,
at the option of the Commission, at such price or prices and under
such terms and conditions as may be fixed by the Commission prior
to the issuance of the bonds. The Commission shall determine the
form of the bonds, including any interest coupons to be attached
thereto, and the manner of execution of the bonds, and shall fix the
denomination or denominations of the bonds and the place or places
of payment of principal and interest, which may be at any bank or
trust company. In case any officer whose signature or a facsimile
of whose signature shall appear on any bonds or coupons shall cease
to be such officer before the delivery of such bonds or shall become
such after the date of issue thereof, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery or had held said
office on said date of issue. All bonds issued under the provisions of
this sub-title shall have and are hereby declared to have, as between
successive holders, all the qualities and incidents of negotiable in-
struments under the negotiable instruments law of the State of
Maryland. The bonds may be issued in coupon or in registered form,
or both, as the Commission may determine, and provision may be
made for the registration of any coupon bonds as to principal alone
also as to both principal and interest, and for the reconversion into
coupon bonds of any bonds registered as to both principal and in-
terest. The issuance of such bonds shall not be subject to any limita-
tions or conditions contained in any other law and the Commission
may sell such bonds in such manner, either at public or private sale,
and for such price, as it may determine to be for the best interests
of the District and the [county] County [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 ma-
turity of the bonds in accordance with standard tables of bond
values, excluding, however, from such computation the amount of
any premium to be paid on the redemption of any bonds prior to
maturity. [Said bonds shall be forever exempt from State, city
and county taxation. They] Said bonds shall be issued under the
signature and seal of the [Commission] District and shall be guar-
anteed as to payment of principal and interest by the [county]
County [in which said District lies], which guarantee shall be en-
dorsed on each of said bonds in the following language: "The pay-