1066                             Laws of Maryland                      [Ch. 484

and drainage systems in any of the sanitary districts, [said com-
mission] the Department is authorized and empowered to issue
bonds, from time to time upon the full faith and credit of Cecil
County, in such amounts as it may deem necessary to carry on its
work, but at no time shall the total issue of bonds in any sanitary
district for all purposes under this chapter exceed thirty-three and
one-third per centum of the total value of the property assessed for
county taxation purposes within said sanitary district. Said bonds
shall be serial bonds issued upon the serial maturity plan and in
such denominations as shall be determined by the [commission]
Department, said bonds may be redeemable before maturity at the
option of the [commission] Department at such price and under
such terms and conditions as may be fixed by the [commission]
Department prior to the issuance of said bonds, shall bear interest at
a rate not exceeding [five] six per centum per annum, AS MAY BE
SET BY THE COUNTY COMMISSIONERS OF CECIL COUNTY,
payable semi-annually, and shall mature in not more than forty 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] Department and shall be guaranteed as to payment
of principal and interest by the County Commissioners of Cecil
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 Cecil County, Maryland."
Such endorsement shall be signed on each of said bonds by the presi-
dent and by the clerk of the board of county commissioners of said
county within ten days after the bonds are presented by the [com-
mission] Department to them for endorsement. Prior to the issu-
ance of any such bonds the county commissioners are hereby author-
ized and directed to furnish to the [commission] Department, from
time to time as shall be necessary, such a sum or sums as shall be
required to pay for the expenses of the organization of any newly
constituted sanitary district and to pay for the preparation of pre-
liminary plans and cost estimates for any sanitary sewerage, water
supply or drainage project, which said sums so expended shall be
repaid by the [commission] Department out of the first available
moneys derived from the sale of the first bonds issued, if any.

19-7.

(a) For the purpose of retiring the bonds authorized to be issued
by this chapter and of paying the interest thereon, the [commission]
Department may cause to be levied, against all assessable property
within said sanitary districts for which said bonds have been issued,
by the County Commissioners of Cecil County annually so long as
any of said bonds are outstanding and not paid, a tax sufficient to
provide such sum as the [commission] Department may deem suffi-
cient and necessary, in conjunction with any amounts as the [com-
mission] Department may estimate that it will be able to collect out
of the benefit assessments therefor levied by it but not yet paid
and any further funds then available for the purpose, to meet the
interest on said bonds as it becomes due and to pay the principal
thereof as the bonds mature, and said tax shall be determined,
levied, collected and paid over in the manner following, that is to
say, at least sixty days before the tax levying period of each year,
the county commissioners shall certify to the [metropolitan com-
mission] Department the whole valuation of the assessable property
within each sanitary district.