Marvin Mandel, Governor                           85

authorized and empowered to borrow money, from time to time, and
to evidence such borrowing by the issuance of its bonds, which shall
be unconditionally guaranteed as to payment of principal and in-
terest by the County, in the manner herein set forth. The Authority
hereby conferred is subject to the limitation that the District shall
issue no amount of bonds pursuant to this section if, by the issuance
thereof, the total unpaid bonded indebtedness of the District under
this section, less the amount of any sinking funds or reserves for
payment of bonds previously issued, shall exceed twenty-five per
centum of the total assessed valuation of all property in the District,
subject to 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 five 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 Com-
mission, and may be made redeemable 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 man-
ner of execution of the bonds, and shall fix the denomination or
denominations of the bonds and the place or places of payment of
principal and interest, which may be at any bank or trust company.
In case any officer whose signature or a facsimile of whose signature
shall appear on any bonds or coupons shall cease to be such officer
before the delivery of such bonds or shall become such after the date
of issue thereof, such signature or such facsimile shall nevertheless
be valid and sufficient for all purposes the same as if he had remained
in office until such delivery or had held said office on said date of issue.
All bonds issued under the provisions of this subtitle shall have and
are hereby declared to have, as between successive holders, all the
qualities and incidents of negotiable instruments under the nego-
tiable instruments law of the State of Maryland. The bonds may be
issued in coupon or in registered form, or both, as the Commission
may determine, and provision may be made for the registration of
any coupon bonds as to principal alone as to both principal and
interest, and for the reconversion into coupon bonds of any bonds
registered as to both principal and interest. The issuance of such
bonds shall not be subject to any limitations or conditions contained
in any other law and the Commission may sell such bonds in such
manner, either at public or private sale, and for such price, as it may
determine to be for the best interest of the District and the County
t, but no such sale shall be made at a price so low as to require the
payment of interest on the money received therefor at more than
five per centum per annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables of bond
values, excluding, 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 issued under the signature and seal
of the District and shall be guaranteed as to payment of principal
and interest by the County, 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 Commissioners of Washington County, Maryland." Such
endorsement shall be signed on each of said bonds by the chief
executive officer of the County, with the seal of the County affixed
thereto attested by the signature of the clerk of the County, within