1218                           LAWS OF MARYLAND                     [CH. 783

be made for the registration of any coupon bonds as to principal
alone. The Commission shall fix the denomination or denominations
of the bonds and the form and manner of execution of the bonds and
of any interest coupons to be attached thereto.

(b) Said Commission is authorized and empowered to issue its
negotiable notes from time to time in anticipation of the issuance
of bonds authorized under this Section. Such notes may be issued
for periods not exceeding one year and may be renewed from time
to time for periods not exceeding one year, but such notes, including
renewals, shall mature and be paid not more than five years from
the date of the note or notes, first issued. Such notes shall bear
interest at a rate or rates not exceeding five per centum (5%) per
annum, the interest to be payable at such time or times on or before
the maturity of the notes as the Commission shall determine. Such
notes shall be in such form and shall be executed in such manner as
the Commission shall provide. Such notes shall be payable from the
proceeds of the bonds in anticipation of which they shall be issued;
provided, however, that the Commission may, in its discretion, in
lieu of retiring such notes by means of bonds, retire such notes from
any funds available for the payment of bonds authorized hereunder
for the project or projects for which such notes were issued, in
which event the maximum amount of bonds which may be issued
under the provision of this Section shall be reduced by the amount
of such notes so retired.

Sec. 2. And be it further enacted, That the bonds authorized by
the Commission to be issued hereunder at any one time for payment
of the cost of storm water or surface drainage systems and the cost
of any engineering or other surveys of storm water or surface drain-
age system needs in the portion of the Washington Suburban Sanitary
District in Montgomery County shall constitute a separate series,
and for the payment of the principal of and the interest on the
bonds of such series and the interest on any notes issued under the
provisions of Section 1 above in anticipation of the issuance of any
bonds of such series the County Council of Montgomery County shall
levy annually upon all of the property assessed for county tax pur-
poses within the portion of said Sanitary District in Montgomery
County, upon the certification of the Washington Suburban Sanitary
Commission, an ad valorem tax at a rate necessary to produce an-
nually the sum required to pay such principal and interest for the
current year, which tax shall be levied and collected as other Com-
mission ad valorem taxes are levied and collected and paid to said
Commission. Said bonds and any notes issued in anticipation thereof
for the purpose stated in this Section shall be guaranteed as to both
principal and interest by the County Council of Montgomery County,
and the County Council of Montgomery County is hereby authorized
and directed to guarantee said bonds and notes substantially in the
manner and form provided for guarantee of the construction bonds
of said Sanitary District. Such guarantee shall operate as a pledge
of the full faith and credit of the County Council of Montgomery
County to the payment of the maturing principal of and interest on
said bonds and notes and, to the extent that the taxes above provided
for in this Section and any other moneys available or to become
available therefor (either through the issuance of bonds or notes
authorized hereunder or otherwise) are inadequate to provide the