J. MILLARD TAWES, GOVERNOR                               349

of this Act, said Commission, after the approval of said County
Commissioners, 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 district for all
purposes under this sub-title exceed [fifteen per centum (15%)]
twenty-five per centum (25%) of the total value of the property
assessed for county taxation purposes within said 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 Com-
mission 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 taxation. They shall be issued under the sig-
nature and seal of the Commission 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 endorsement shall be signed on each of said bonds
by the President or Vice-President of said Board of County Com-
missioners 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, com-
puted with relation to the absolute maturity of the bonds in accord-
ance 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. At any time prior to the
[isuance] 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.

519.

(a) Tax.—-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 districts for which said bonds have been issued, except
those properties which have paid in full for the installation thereof
as provided in Section 517 (a) hereof, 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
[futher] further funds then available for the purpose, to meet the
interest on said bonds as it becomes due and to pay the principal