1242                              LAWS OF MARYLAND                        [CH. 568

powers as theretofore possessed by the Commission and as granted
to the Commission under this sub-title, as from time to time amended.

Sec. 3. And be it further enacted, That Section 534 (a) of the
Code of Public Local Laws of Washington County (1957 Edition,
being Article 22 of the Code of Public Local Laws of Maryland),
title "Washington County", sub-title "Sanitary Districts", as said
section was last amended by Chapter 743 of the Laws of Maryland
of 1961, be and the same is hereby repealed and re-enacted, with
amendments, to read as follows:

534. (a) For the purpose of paying all or any part of the 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
District 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] twenty-five per centum of the total assessed valuation of all
property in the District, subject to [unlimited] county taxation dur-
ing 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 re-
deemable 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 Com-
mission 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 instruments 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 interest. 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 private sale, and for such price, as it
may determine to be for the best interest of the District and the
County, but no such sale shall be made at a price so low as to