3720

LAWS OF MARYLAND

[Ch. 892

maturity bonds or term notes and deliver then to the
National Capital Planning Commission or other like agency
of the United States, in fall or partial payment of such
commitments or obligations, as the Commission [may make,
assume, or incur) MAKES, ASSUMES, OR INCURS in complying
with the provisions of [said] Public [Act] LAW 284.

(b) Issue. The bonds or notes are to be issued
and delivered upon [such] terms and conditions, not
contrary to this [subheading] TITLE, [as] THAT the
Commission [may agree] AGREES to with the National
Capital Planning Commission. As an alternative, the
Commission [in its discretion] may sell [said] THE bonds
or notes at public sale or by private negotiation at not
less than [the] THEIR par value [thereof] and may use the
proceeds [thereof] to meet the obligations or commitments
[above referred] to WHICH REVERENCE WAS MADE ABOVE.

(c) Interest rate; form. [Such] THE bonds or
notes, if and when issued under either alternative, may
be of [such] A denomination, [may] bear [such] A rate of
interest (not exceeding five [percentum (5%) per annum]

PERCENT A YEAR) payable at [such] times or places, and

[may] be of [such] A form or tenor as the Commission [in

its discretion shall determine.] DETERMINES.

      (d) Maturity. The bonds [hereby] authorized shall

all be issued to mature at varying or real annual serial

installments, beginning not later than ten years from

date of issue, but none of the bonds [shall] MAY mature

more than [six] sixty 60 years from its date of issue.

The notes [hereby] authorized shall be issued to mature

at one time as to each issue, not later than ten years

from their respective date or dates of issue, and they

[shall] MAY not be subject to renewal or extension.

    (e) Guarantee by counties. [such of said bonds]

BONDS or notes [as shall be] issued in connection with

the acquisition of park lands in Montgomery County, shall

be unconditionally guaranteed as to payment of principal
and interest in the manner hereinafter preserved by the
County Council of Montgomery County, and the president of
[the Council] THAT BODY shall endorse the guarantee on
each bond or note on behalf of the county, and the
corporate seal of the County shall be affixed to each
bond or note attested by the secretary to the County
Council. Likewise, bonds or notes issued hereunder in
connection with the acquisition of park lands in Prince
George's County shall be similarly guaranteed by the
County. [Commissioners of Prince George's County.] The
form of the guarantee shall be: the payment of interest
when due and of the principal on maturity is guaranteed
by _______County, Maryland.