800                              Laws of Maryland                       Ch. 397

sale shall be made at a price so low as to require the payment of
interest on the money received therefor at more than six per
centum per annum, computed with relation to the absolute maturity
of the bonds in accordance with standard tables of bond values, ex-
cluding, however, from such computation the amount of any premium
to be paid on the redemption of any bonds prior to maturity].
Said bonds shall be serial bonds issued upon the serial maturing
plan and in such denominations as shall be determined by the Com-
mission, said bonds may be redeemable before maturity at the option
of the Commission at such price and under such terms and condi-
tions as may be fixed by the Commission prior to the issuance
of said bonds, shall bear interest [at a rate not exceding six per
centum per annum,] at such rate or rates payable semi-annually,
as shall be determined by a resolution of the St. Mary's County
Metropolitan Commission adopted prior to the delivery of said
bonds, and 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 unconditionally guaranteed as to
payment of both principal and interest by the County Commissioners
of St. Mary's County, a political subdivision of the State of Mary-
land, which guarantee shall be endorsed on each of said bonds in
the following language: "The payment of interest when due and
the principal at maturity is guaranteed by the County Commis-
sioners of St. Mary's County, Maryland." Such endorsement shall
be signed on each of said bonds by the President and by the Clerk
of the Board of County Commissioners of said County within ten
days after the bonds are presented by the Commission to them for
endorsement. At any time prior to the issuance of any such bonds
the County Commissioners are hereby authorized and directed to
furnish the Commission a sum not exceeding one hundred thousand
dollars ($100,000.00), which shall be repaid out of the first available
moneys derived from the sale of the first bonds issued, [it] if any.

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

Approved April 22, 1970

CHAPTER 397
(House Bill 1525)

AN ACT to repeal and re-enact, with amendments, Section 40 of
the Code of Public Local Laws of St. Mary's County (1965 Edition,
being Article 19 of the Code of Public Local Laws of Maryland),
title "St. Mary's County," subtitle "County Commissioners," to
omit the five per cent per annum interest requirement on funds
borrowed for an airport in St. Mary's County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 40 of the Code of Public Local Laws of St. Mary's
County (1965 Edition, being Article 19 of the Code of Public Local
Laws of Maryland), title "St. Mary's County," subtitle "County