1426                            LAWS OF MARYLAND                      [CH. 870

NECESSARY BEFORE THE COMMISSION'S ADMINISTRA-
TIVE BUDGET MAY BE REDUCED.

16. Revenue Anticipation Certificates of Indebtedness

(a) The Commission is authorized and empowered from time
to time during any fiscal year to borrow such sums of money on
promissory notes, to be known as Revenue Anticipation Certificates
of Indebtedness, to bear interest not exceeding six (6%) per centum
per annum, and to be signed by the Chairman and the Secretary or
Treasurer of the Commission, as may be necessary to meet the
liability of the District under the contracts or agreements provided
for in Section 12 (a) hereof and to provide funds for the adminis-
trative and other expenses and obligations of the District. The
Commission is authorized from time to time to reissue or renew
its Revenue Anticipation Certificates of Indebtedness at the same
or a greater rate of interest not exceeding six (6%) per centum per
annum. All monies so borrowed within any fiscal year shall be
repaid during the next succeeding fiscal year from the proceeds
of its tax and other revenues received by the Commission during
such next succeeding fiscal year. Said notes shall be guaranteed as
to payment of principal and interest by the County Council of
Montgomery County and by the Board of County Commissioners
of Prince George's County, which guarantee shall be endorsed on
each of said notes. The guarantee shall be made by resolution
of the County Council of Montgomery County and the Board of
County Commissioners of Prince George's County and shall be
evidenced by the endorsement of the guarantee on each of said
notes, said endorsement to be signed on behalf of each County by
the Secretary or Clerk of the County Council or Board of County
Commissioners or by any officer designated for such purposes by
the County Council or the Board of County Commissioners. In
the event of any liability under the above guarantee, such liability
for each County shall be in the ratio that the cost of transit facilities

located in each County bears to the total cost of transit facilities

located in both Counties PROPORTION AGREED TO IN THE
ALLOCATIONS APPROVED UNDER PARAGRAPH (A) OF
SECTION 12, except any notes issued to provide funds for adminis-
trative expenses of the Commission shall be borne by each of the
Counties upon the basis of population, as set forth in Section 15,
above.

(b) The notes hereby authorized, and the interest payable
thereon, in the hands of the persons entitled thereto from time to
time, shall be and remain forever exempt from all state, county
and municipal taxation of every kind and nature whatsoever, in
the State of Maryland.

17. Additional Powers and Duties of Commission THE DISTRICT

Without in any manner limiting or restricting the general powers
created by this subtitle, the Commission DISTRICT shall have power:

(a)    To adopt and have a common seal and to alter the same
at pleasure;

(b)    To sue and be sued;

(c)    To make rules and regulations for the conduct of its business;