464                              Laws of Maryland                       Ch. 185

CHAPTER 185
(House Bill 633)

AN ACT to repeal and re-enact, with amendments, Section 10A-16
(b) of the Code of Public Local Laws of Frederick County (1959
Edition, being Article 11 of the Code of Public Local Laws of
Maryland), title "Frederick County," subtitle "Part I. General
Local Laws," subheading "Metropolitan Commission," as added,
by Chapter 609 of the Acts of 1968; to remove the limitation on
the interest rate of bonds issued by the Metropolitan Commission
of Frederick County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 10A-16(b) of the Code of Public Local Laws of Fred-
erick County (1959 Edition, being Article 11 of the Code of Public
Local Laws of Maryland), title "Frederick County," subtitle "Part I.
General Local Laws," subheading "Metropolitan Commission," as
added, by Chapter 609 of the Acts of 1968, be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

10A-16.

(b) Subject to the conditions contained herein the form, tenor,
manner of selling, and all other matters relating to the issuance of
bonds under this subheading shall be prescribed in a resolution
to be adopted by the Frederick County Metropolitan Commission
at least fifteen days prior to sale of the bonds. If bonds are issued,
the provisions of Sections 9, 10, 11 and 12 of Article 31 of the
Annotated Code of Maryland (1967 Replacement Volume and 1967
Supplement) and amendments thereto, shall be complied with. The
bonds shall be serial bonds issued upon serial maturing plan and in
such denominations as may be determined by the Commission. The
bonds may be redeemable before maturity at the option of the Com-
mission at such price and under such terms and conditions as may
be fixed by the Commission prior to the issuance of the bonds, shall
bear interest at a rate [not exceeding six per centum per annum,]
payable semi-annually, shall mature in not more than thirty years
after date of issue, and shall be forever exempt from State, city, and
county taxation. They shall be issued under the signature and seal
of the Commission and shall be guaranteed as to payment of prin-
cipal and interest by the County Commissioners of Frederick County,
which guarantee shall be endorsed on each of said bonds in the follow-
ing language: "The payment of interest when due and the principal
at maturity is guaranteed by Frederick County, Maryland. " Such
endorsement shall be signed on each of the bonds by the President
or Vice-President of the Board of County Commissioners of the
county, with the seal of the county affixed thereto attested by the
signature of the clerk to said County Commissioners within ten days
after the bonds are presented by the Commission to them for en-
dorsement.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 15, 1970