J. MILLARD TAWES, GOVERNOR                             921

carry on its work, but the aggregate amount of bonds heretofore
or hereafter issued under this section which may be outstanding at
any time, less the amount held in the joint sinking fund account for
the payment of the principal of said bonds, shall not exceed fourteen
per centum (14%) of the total assessable basis of all property
assessed for county taxation purposes within the Sanitary District;
provided, however, that in computing the amount of bonds which
may be issued under this section, there shall not be included any
bonds heretofore or hereafter issued for the payment of which the
Commission is required by law to fix and collect water service
charges at least sufficient to pay the principal and interest require-
ments of such bonds. Bonds hereafter issued under the authority
of this section shall be serial bonds with the principal of any given
issue payable annually, commencing not more than three years from
the date of the bonds. The bonds may be either registered or coupon
bonds, or registerable as to principal with interest represented by
coupons and issued in such denomination or denominations as shall
be determined by the Commission, shall bear interest not to exceed
five per centum (5%) per annum payable semi-annually and shall
mature not exceeding forty years from the date of issue, and all
bonds of said District or of said Commission, including those hereto-
fore issued, shall be forever exempt from taxation by the State of
Maryland and by the counties and municipalities in said State. Any
bonds hereafter issued by the Washington Suburban Sanitary Com-
mission in its name or in the name of the Washington Suburban
Sanitary District 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 such bonds.

(b) They shall be issued under the hand and seal of said Com-
mission and shall be guaranteed as to payment of principal and
interest by the County Council or the County Commissioners of
both Montgomery and Prince George's Counties, 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 Montgomery and Prince George's Counties, Mary-
land." The bonds of the Sanitary [Commission] District shall be
signed by the Chairman and the [Secretary-Treasurer] Secretary
and the Treasurer of the Commission or, if the Commission shall
so provide, by any two of its members and the official seal of the
Commission shall be impressed upon the bonds; provided, however,
that the Commission may authorize any of said officials to sign the
bonds with his facsimile signature except that each of said bonds
shall be manually signed by at least one of said officials; and pro-
vided, further, that the Commission may authorize a facsimile of
the official seal of the Commission to be imprinted on the bonds, in
which case it shall not be necessary that said official seal be im-
pressed physically upon the bonds. Said guaranty or endorsement
by the County Council or the County Commissioners shall be signed
on each of said bonds on behalf of each County by the Secretary [or
Clerk] of the County Council [or] and the Clerk of the Board of
County Commissioners or by any officer designated for such purpose
by the County Council or the Board of County Commissioners, by
his facsimile or manual signature as the County Council or the Board
of County Commissioners shall determine, within twenty days after