796                                   LAWS OF MARYLAND                          [CH. 483

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 18-24 (f), "Borrowing Power," of the Code of Public
Local Laws of Prince George's County (1963 Edition), being also
Article 17 of the Code of Public Local Laws of Maryland, title
"Prince George's County," subtitle "County Commissioners," sub-
heading "Urban Areas," as enacted by Chapter 802, of the Laws
of Maryland, 1965, be amended REPEALED AND RE-ENACTED
WITH AMENDMENTS to read as follows:

18-24. Urban Areas.

(f) Borrowing power. The Board of County Commissioners of
Prince George's County, for the purpose of making any of the im-
provements provided in this section, or providing the governmental
services or municipal functions or for the maintenance and operation
of said facilities or systems within the defined areas, are hereby given
full power and authority to borrow upon the faith and credit of
Prince George's County such sum or sums as may be needed for the
purposes above mentioned, to fix the maturity or maturities of any
such debt, the interest rate or rates, not exceeding six per centum
(6%) per annum, and manner and place of payment, and in each
instance to issue their bonds or notes or other evidences of indebted-
ness for the amount of moneys so borrowed. Said bonds, notes or
other evidences of indebtedness shall be issued in groups or series,
each such group or series to be appropriately identified with the
improvement of which said money is being borrowed, and said bonds,
notes or other evidences of indebtedness may be sold by the County
Commissioners of Prince George's County from time to time at
public sale or by private negotiation, notwithstanding the provisions
of Section 10 of Article 31 of the Code of Public General Laws of
Maryland (1957 Edition), as amended. None of said bonds, notes or
evidence EVIDENCES of indebtedness shall be issued to mature over
a longer period than [ten (10)] twenty-five (25) years from the date
of issue, and they shall be issued on an annual serial maturity plan so
arranged as to correspond as nearly as possible in amounts with the
aggregate amounts of special assessments as above provided, and
the County Commissioners of Prince George's County shall, by a
proper resolution in each case, provide for the issuance of said
bonds, notes or other evidences of indebtedness and for the liquida-
tion thereof and the interest thereon by the application of the re-
ceipts of the special assessments with respect to which said bonds,
notes or evidences of indebtedness are issued, and the County Com-
missioners of Prince George's County shall, also by said resolution
provide, in each case, that in the event the proceeds of the collection
of such special assessments are in any year insufficient for the
purpose of paying the principal and interest maturities of any such
bonds, notes or evidences of indebtedness, such deficiency shall be
made up by the County from the proceeds of unlimited ad valorem
taxes which it is hereby authorized and directed to levy upon all
assessable property within the corporate limits of the County subject
to unlimited taxation thereby. Any bonds issued pursuant to the
authority of this section and the interest payable thereon and the
income derived therefrom in the hands of the holders thereof from
time to time shall be, and is hereby declared to be, exempt from
State, County and municipal taxation of every kind and nature
whatsoever in the State of Maryland.