SPIRO T. AGNEW, Governor                       1651

439P.

(a) For the purpose of providing funds for the design, construc-
tion, establishment, purchase, or condemnation of water supply,
sewerage and drainage systems in Carroll County pursuant to this
subtitle, the Commission is hereby authorized and empowered to bor-
row money, after the approval of the Board, from time to time, and
to evidence such borrowing by the issuance of its bonds or notes,
which shall be unconditionally guaranteed as to payment of principal
and interest by the County Commissioners of Carroll County a public
body politic and corporate of the State of Maryland (sometimes
referred to hereinafter in this subtitle as "the County"), in the
manner herein set forth. The authority hereby conferred is subject
to the limitation that the Commission shall issue no amount of bonds
pursuant to this section if, by the issuance thereof, the total unpaid
bonded indebtedness of the Commission under this section, less the
amount of any sinking funds or reserves for payment of bonds
previously issued, shall exceed fifteen per centum of the total as-
sessed valuation of all property in Carroll County, subject to un-
limited county taxation during 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 Com-
mission, and may be made redeemable 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 Commission 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 com-
pany. 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 subtitle shall have and are hereby declared to have, as be-
tween 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 Com-
mission 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 interests of the Commission and the county but no such sale
shall be made at a price so low as to require the payment of in-
terest on the money received therefor at more than five per centum
per annum, computed with relation to the absolute maturity of the
bonds in accordance with standard tables of bond values, excluding,
however, from such computation the amount of any premium to be