SPIRO T. AGNEW, Governor                       1281

tion 70-56 of the Montgomery County Code (1965 Edition, as
amended, being also Article 16 of the Code of Public Local Laws
of Maryland), title "Montgomery County," subtitle "Mary-
land National Capital Park and Planning Commission," subhead-
ing "Serial Bonds Generally," to amend the formula by which the
limitation on the Commission's bond issues is computed by decreas-
ing the term upon which such computations are based from fifty
to thirty years and by increasing the rate in Montgomery County
from nine cents to twelve cents.

Section 1. Be it enacted by the General Assembly of Maryland,
That subsections (b), (d) and (h) of Section 59-50 of the Code of
Public Local Laws of Prince George's County (1963 Edition, as
amended, being also Article 17 of the Code of Public Local Laws of
Maryland), title "Prince George's County," subtitle "Park and Plan-
ning Commission," subheading "Serial Bonds Generally," and that
subsections (b), (d) and (h) of Section 70-56 of the Montgomery
County Code (1965 Edition, as amended, being also Article 16 of
the Code of Public Local Laws of Maryland), title "Montgomery
County," subtitle "Maryland National Capital Park and Planning
Commission," subheading "Serial Bonds Generally," be and the same
are hereby repealed and re-enacted, with amendments, in the respec-
tive Codes, to read as follows:

59-50 (70-56) Serial Bonds Generally.

(b) Limitation on issue. The total amount of such bonds outstand-
ing at any time shall not exceed such amount as can be redeemed
within [fifty (50)] thirty (30) years from date of issue by means
of so much of the tax or taxes of [nine cents (9¢)] twelve cents
(12¢) in Montgomery County and seven cents (7¢) in Prince
George's County hereinafter authorized, as shall be pledged to the
payment of such bonds, to the extent that said taxes are or are
proposed to be levied in Montgomery County or Prince George's
County, or both; except that nothing herein shall limit the right
of the Commission to issue bonds to meet the provisions of para-
graphs or subsections (a) and (b) of Section 1 of said Public Act
284, as amended, as provided for in this subheading. In making the
calculation to determine compliance with the limitation contained
in this subsection, the Commission may make the following assump-
tion: (i) continued future levy of said tax or taxes at the rate of
[nine cents (9¢)] twelve cents (12¢) in Montgomery County and
seven cents (7¢) in Prince George's County per one hundred dollars
($100.00) of assessed value; (ii) that there will be one hundred
per centum (100%) collection of said tax in each fiscal year and that
the assessed value of property at the time any such bonds are issued
will remain constant.

(d) Guarantee of principal and interest on bonds. (1) The bonds
shall be issued upon the full faith and credit of the Commission and
of the county or counties guaranteeing them as hereinafter provided.
The principal and interest thereof shall be primarily payable from
the proceeds of the levy of tax or taxes of [nine cents (9¢)] twelve
cents (12¢) in Montgomery County and seven cents (7¢) in Prince
George's County which each county is herein authorized and em-
powered to levy upon each one hundred dollars ($100.00) of assessed
valuation of property lying within that portion of the District in each