Marvin Mandel, Governor                        1069

dorsement by the County Council or the County Commissioners shall
be signed on each of such bonds on behalf of each county by the
[secretary of the county council] County Executive and the clerk
of the Board of County Commissioners or by any officer designated
for such purpose by the County [Council] Executive or the Board of
County Commissioners, by his facsimile or manual signature as the
County [Council] Executive or the Board of County Commissioners
shall determine, within twenty days after the bonds are presented
by the Commission for the signing of such endorsement. In the event
of any liability under the above guaranty, such liability for each
county shall be in such proportion as the assessable basis of that
part of either county within the sanitary district bears to the assess-
able basis of the whole of such district. Notwithstanding the fore-
going provisions of this paragraph, the Commission may, at its option
and pursuant to the provisions of Section 71-12 of this Code, waive
the guarantee of such counties above provided for.

(c) The Commission is hereby authorized and empowered to issue
from time to time, in such manner as it may determine, its negotiable
notes and/or certificates of indebtedness, the aggregate amount of
which shall not at any one time exceed five million dollars
($5,000,000), in anticipation of the issuance of bonds authorized
under this section; provided, however, that no such notes and/or
certificates of indebtedness shall be issued if the amount thereof
together with the aggregate amount of bonds authorized hereunder
shall exceed the limitation of indebtedness prescribed in subsection
(a) hereof. All of such notes and/or certificates of indebtedness
shall be issued for periods of not exceeding one (1) year and may be
renewed from time to time for periods of not exceeding one (1)
year, but such notes and/or certificates of indebtedness, including
renewals, shall mature and be paid not more than five (5) years from
the date of the original notes and/or certificates of indebtedness.
Such notes and/or certificates of indebtedness shall bear interest at a
rate not exceeding five per centum (5%) per annum, such interest
to be payable at such time or times as may be determined by the
Commission. All of such notes and/or certificates of indebtedness
issued under the provisions of this section shall be payable, insofar
as it may be necessary, within the time prescribed herein from the
proceeds of the sale of bonds authorized to be issued hereunder.
All of said notes and/or certificates of indebtedness issued hereunder,
including interest thereon, shall be forever exempt from taxation by
the State of Maryland and by the counties and municipalities in the
State. Such notes and/or certificates of indebtedness shall be issued
under the hand and seal of the Commission, shall be general obliga-
tions of the district for which the full faith, credit and taxing power
of the district shall be pledged and shall be guaranteed as to payment
of principal and interest by the County Council or the County Com-
missioners of both Montgomery and Prince George's Counties,
which guaranty shall be endorsed on each of such notes and/or
certificates of indebtedness in the following language: "The payment
of interest when due and the principal at maturity is guaranteed by
Montgomery and Prince George's Counties, Maryland." The notes
and/or certificates of the Sanitary Commission shall be signed by the
chairman and the secretary and the treasurer of the Commission or,
if the Commission shall so provide, by any two of its members and
the official seal of the Commission shall be impressed upon the
notes and/or certificates of indebtedness. Such guaranty or endorse-