1654                              Laws of Maryland                       [Ch. 895

to the credit of the County Council and Commissioners of both coun-
ties and said Commission, as a joint fund to be known as the "Sink-
ing Fund Account", the amount so raised for the payment of the
proportionate part of the principal of said sinking fund bonds.

(b)   Said Commission and the resepctive RESPECTIVE County
Council and Commissioners shall, from time to time, invest said sink-
ing fund in any bond or bonds in which savings or trust funds are au-
thorized to be invested by National Banks by the U. S. Treasury De-
partment. Should receipts from said tax or other sources be inadequate
to pay the principal of said serial bonds maturing in said taxable year
and to deposit the principal payment on said sinking fund bonds, by
reason of defaults or otherwise, such deficiency, shall be added to
and collected in the next year's tax. The said Commission is au-
thorized to pay the interest on any bonds it may issue prior to the
first tax levying period out of the proceeds of the sale of said bonds.
For the purpose of paying the principal and/or interest of bonds
due or to become due within four months and for paying the interest
maturing on any bonds within four months and not otherwise ade-
quately provided for, or for meeting payments required to be made
to its employees and laborers and not otherwise provided for, the
Commission may borrow money in anticipation of taxes, sale of
bonds or other revenue of the fiscal year in which the loan is made
or in anticipation of the taxes, sale of bonds or other revenue of
the next succeeding fiscal year, and such loan shall be payable not
later than the end of the fiscal year next succeeding the year in which
the loan was made. Negotiable notes shall be issued for all money so
borrowed, which notes may be renewed from time to time, and
money may be borrowed upon new notes from time to time for the
payment of any indebtedness evidenced thereby; but all such notes
and loans shall mature within the time limited for the payment of
the original loan. No money shall be so borrowed at a rate of in-
terest exceeding five per centum (5%) per annum. Such notes may
be disposed of in such manner as the Commission may determine,
provided, however, that there shall never be outstanding at any one
time any such notes in an aggregate amount in excess of [Two
Hundred Thousand Dollars ($200,000)] an amount equal to the total
principal of and interest on bonds of the Sanitary District provided
to be due and payable in the fiscal year in which such notes are issued.
All such notes shall be authorized by resolution of the Commission,
which shall fix the actual or maximum face amount of the notes,
the actual or maximum rate of interest to be paid upon the amount
borrowed and the actual or approximate maturity of the notes. The
form and manner of execution of such notes shall be determined by
the Commission.

(c)   In order that the prompt payment of interest and the proper
provision for the payment of the principal of said bonds and notes
shall be assured, the propmt PROMPT and proper performance of the
respective acts and duties heretofore defined is specially enjoined, and
any failure upon the part of any person, persons, body corporate or
agent to perform the necessary acts and duties hereafter set forth, to
pay over the said funds as required, or to use said funds or any part
thereof for any other purpose than for the payment of the principal
and interest on said bonds and notes, is hereby declared a misde-
meanor and punishable as other misdemeanors are punishable by
Section 1601 (74-66) of this sub-title.