J. MILLARD TAWES, Governor                       385

1957; be and it is hereby repealed, and re-enacted, with amend-
ments, to read as follows:

161.

For the purpose of providing funds for the design, construction,
establishment, purchase or condemnation of water supply, sewerage,
and drainage systems in any of the sanitary districts, said Com-
mission is authorized and empowered to issue bonds, from time to
time upon the full faith and credit of St. Mary's 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 sanitary district for all
purposes under this subtitle exceed [ten] twenty-five per centum
of the total value of the property assessed for county taxation pur-
poses within said sanitary district. Said bonds shall be serial bonds
issued upon the serial maturing plan and in such denominations as
shall be determined by the Commission, said bonds may be redeem-
able before maturity at the option of the Commission at such price
and under such terms and conditions as may be fixed by the Com-
mission prior to the issuance of said bonds, shall bear interest at a
rate not exceeding four per centum per annum, payable semi-annu-
ally, and shall mature in not more than thirty years after date of
issue and shall be forever exempt from State, city and county
taxation. They shall be issued under the signature and seal of the
Commission and shall be guaranteed as to payment of principal and
interest by the County Commissioners of St. Mary's 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 St. Mary's County, Maryland." Such en-
dorsement shall be signed on each of said bonds by the President
and by the Clerk of the Board of County Commissioners of said
County within ten days after the bonds are presented by the Com-
mission to them for endorsement. At any time prior to the issuance
of any such bonds the County Commissioners are hereby authorized
and directed to furnish to the Commission a sum not exceeding
[five] one hundred thousand dollars [($5,000.00)] ($100,000.00),
which shall be repaid out of the first available moneys derived from
the sale of the first bonds issued, if any.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1966.

Approved April 14, 1966.

CHAPTER 176
(Senate Bill 175)

AN ACT to provide that notwithstanding the provisions of Section
48 of Article 81 of the Annotated Code of Maryland (1965 Cumula-
tive Supplement), the date for the calculation of discounts, interest,
and penalties on ordinary taxes in Baltimore City which are due
and payable July 1, 1966, shall be the first day of February, 1967.

AN ACT TO REPEAL AND RE-ENACT, WITH AMENDMENTS,
SECTIONS 48 (A) AND 48 (B) OF ARTICLE 81 OF THE AN-