768                              Laws of Maryland                       Ch. 363

CHAPTER 363
(House Bill 914)

AN ACT to repeal and re-enact, with amendments, Section 439P
(a) of the Code of Public Local Laws of Carroll County (1965
Edition, as amended, being Article 7 of the Code of Public Local
Laws of Maryland), title "Carroll County," subtitle "Carroll
County Sanitary Commission," as last amended by Chapter 494
of the Laws of Maryland of 1969, removing any limitation on
the interest rate or rates to be paid on bonds and notes issued
by the Carroll County Sanitary Commission and guaranteed by
the County Commissioners of Carroll County; supplementing
the provisions relating to the execution of the endorsement on
such bonds and correcting typographical errors.

Section 1. Be it enacted by the General Assembly of Maryland,
That, Section 439P(a) of the Code of Public Local Laws of Carroll
County (1965 Edition, as amended, being Article 7 of the Code
of Public Local Laws of Maryland), title "Carroll County," sub-
title "Carroll County Sanitary Commission," said Section 439P(a)
having been amended by Chapter 494 of the Laws of Maryland of
1969, be and the same is hereby repealed and re-enacted with amend-
ments, to read as follows:

439P.

(a) For the purpose of providing funds for the design, con-
struction, establishment, purchase, or condemnation of water sup-
ply, sewerage and drainage systems in Carroll County pursuant
to this subtitle, the Commission is hereby authorized and empower-
ed to borrow 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 Com-
mission 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 assessed valuation of all property in
Carroll County, subject to unlimited 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 six 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 Commission, and may be made re-
deemable 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 execu-
tion of the bonds, and shall fix the denomination or denominations
of the bonds and the place or places of payment of principal and