SPIRO T. AGNEW, Governor                       1655

may, under like restrictions, issue interim receipts or temporary
bonds, with or without coupons, exchangeable for definitive bonds,
when such definitive bonds have been executed and are available for
delivery. In addition, the Commission may, in anticipation of the is-
suance of any such bonds, issue bond anticipation notes pursuant to
the authority of, and in the manner prescribed by, Section 12 of
Article 31 of the Annotated Code of Maryland (1957 Edition, as
amended and supplemented from time to time). With respect to any
such bonds, coupons, temporary bonds, receipts or bond anticipation
notes, which have matured, been exchanged or redeemed, the Com-
mission shall make arrangements for the mutilation and cremation
of any such instruments after an appropriate accounting therefor.
The Commission may also provide for the replacement of any such
instruments which shall become mutilated or be destroyed or lost,
upon receipt of such indemnification, and the payment of the ex-
penses of replacement as the Commission, in its discretion, may deem
proper or requisite. Bonds may be issued under the provisions of
this subtitle without obtaining the approval or consent of any divi-
sion, commission, board, bureau or agency of the State of Maryland
and, except as provided in Section 439P(a) of this subtitle, without
any other proceeding or the happening of any other condition or
thing than those proceedings, conditions or things which are spe-
cifically required by this subtitle. In the event the Commission shall
determine to sell any bonds of the Commission authorized by this
subtitle at public sale, it shall comply with the provisions of Section
10 of Article 31 of the Annotated Code of Maryland (1957 Edition,
as amended and supplemented from time to time), but in all other
respects the provisions of Sections 9 to 11, inclusive, of said Article
shall not apply to bonds issued under this subtitle. If the Commis-
sion shall provide for the execution of any such bonds in facsimile, it
shall comply with the provisions of Sections 13 to 18, inclusive, of
said Article. All bond proceeds, as well as all money held in sinking
or reserve funds in the name of the Commission shall be invested
by the Commission in the manner prescribed by Section 22 of Article
95 of the Annotated Code of Maryland (1957 Edition, as amended
and supplemented from time to time).

439S.

The Commission shall not be required to pay any taxes or as-
sessments upon any project acquired, constructed or operated by it,
under the provisions of this subtitle, or upon the income therefrom,
and the bonds issued under the provisions of this subtitle, their
transfer and the income therefrom (including any profit made on the
sale thereof by any person other than the initial purchaser thereof)
shall at all times be free from taxation by the State of Maryland or
any of its political subdivisions, or by any town or incorporated
municipality or any other public agency within the State.

439T.

(a) For the purpose of paying the interest on and principal of
the bonds issued by said Commission as in this subtitle provided for
the water supply, sewerage, or drainage systems to be constructed,
purchased, or established under this subtitle, the Commission may
fix an annual assessment on all properties, improved or unimproved,
binding upon a street, road, lane, alley, or right-of-way in which a