1564                             Laws of Maryland                      [Ch. 851

of Public Local Laws of Maryland and to the Code of Public Local
Laws of Prince George's County (1953 Edition, being Article 17 of
the Code of Public Local Laws of Maryland), and said Section 45
being in the sub-heading "Metropolitan District," be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

45. Other Authority of Commission to Issue Serial Bonds.

(a)   Authority.—For the purpose of paying for lands or other
property within the District acquired or to be acquired by the Com-
mission, whether by condemnation or purchase, for parks, parkways,
forests, streets, roads, highways, boulevards, and other public ways,
grounds, and spaces, and for the purposes of public recreation, or for
the development or improvement thereof, the Commission is au-
thorized and empowered to issue and sell serial bonds from time to
time in such amounts as it may deem necessary for said purposes
and under such rules and regulations as the Commission may de-
termine.

(b)  Limitation on issue.—The total amount of such bonds out-
standing at any time shall not exceed such amount as can be re-
deemed within fifty (50) years from date of issue by means of so
much of the tax or taxes of seven cents (7¢) hereinafter authorized,
as shall be pledged to the payment of such bonds, to the extent that
said taxes are or are proposed to be levied in Montgomery County
or Prince George's County, or both; except that nothing herein shall
limit the right of the Commission to issue bonds to meet the pro-
visions of Paragraphs or Sub-sections (a) and (b) of Section 1 of
said Public Act 284, as amended, as provided for in this sub-title.
[The Comptroller of the State of Maryland at any time or times
upon the request of the Commission shall calculate and certify to the
Commission the amount of such bonds which may be issued within
said limitation, upon the assumption that the then assessed value of
property subject to said tax will remain constant; and the cer-
tificate of the Comptroller shall be final and binding authority to
the Commission as to such amounts.] In making the calculation to
determine compliance with the limitation contained in this sub-sec-
tion, the Commission may make the following assumption: (i) con-
tinued future levy of said tax or taxes at the rate of seven cents (7¢)
per one hundred dollars ($100.00) of assessed value; (ii) that there
will be one hundred per centum (100%) collection of said tax in
each fiscal year and that the assessed value of property at the time
any such bonds are issued will remain constant.

(c)   Form of and interest rate on bonds; [tax exemption] sale;
redemption.—The bonds shall be either registered or coupon bonds
in such denomination or denominations as shall be determined by
the Commission and shall bear interest at not exceeding five per
centum per annum, payable semi-annually, and shall mature in not
exceeding fifty years from the date of issue. [They shall be forever
exempt from State, county and municipal taxation.] Notwithstand-
ing the provisions of any other law, the Commission is authorized,
in its discretion, to sell said bonds at public sale or, IF THE COMMIS-
SION BY RESOLUTION SHALL DETERMINE THAT A MORE
ADVANTAGEOUS PRICE MAY BE OBTAINED ON SMALLER
ISSUES, THEN by private negotiation and to provide in any such
issue of bonds for their redemption prior to their stated maturity, in