MARVIN MANDEL, Governor

3727

date; [to] issue them subject to registration as to
principal and interest or as to principal only; [to]
establish and maintain, in accordance with [existing]
law, a sinking fund for the payment of the maturing
principal and interest of the bonds; [to] fix the
interest rate payable thereon, not exceeding five [per
centum (5%) per annua] PERCENT A YEAR, for] to prescribe
the manner in which the rates of interest shall be
determined; and generally, [in its discretion, to]
determine all of the provisions of [such] THE bonds.

(e)    Guarantee of refunding bonds. [Said] THE
bonds[, when, as, and if] issued in accordance with the
foregoing provisions[,] shall be guaranteed, by
endorsement thereon, as to payment of principal and
interest by Montgomery County or by [the County
Commissioners of] Prince George's County, as the case may
be, in the manner hereinabove prescribed for all other
issues of bonds or notes of the Commission. All [of] the
bonds shall be issued upon the full faith and credit of
the County guaranteeing them. The principal and interest
thereof shall be payable, either directly or through the
medium of a sinking fund, from the proceeds of the
collection of the taxes [hereinabove or hereinafter]
authorized to be levied to provide funds for servicing
the bonds or notes in substitution for which the bonds
hereby authorized shall be issued, but the funds needed
for principal and interest payments of the bonds [hereby]
authorized [shall] MAY not be preferred in the division
of [said] tax proceeds over the funds needed for
principal and interest payments or any other issue of
bonds or notes payable therefrom in accordance with law.

(f)    Tax exemption for refunding bonds. [Said
bonds hereby] BONDS authorized[,] and [the] THEIR PAYABLE
interest [payable thereon,] in the hands of the persons
entitled thereto from time to time, shall be and remain
forever exempt from all state, county, and municipal
taxation of every kind and nature whatsoever in the
State of Maryland. None of the provisions of Sections 10
and 11 of Article 31, Annotated Code of Maryland (1957
Edition, as amended from time to time), [shall be] ARE
applicable to or have any bearing upon the manner and
method of sale of the bonds or notes authorized in [this
or any other preceding sections of] this [subheading]
TITLE.

[49.] 6-106.

The Commission [is authorized and empowered] from
time to time during any fiscal year [to] MAY borrow
[such] sums of money on promissory notes, to be known as
tax anticipation certificates of indebtedness, to bear
interest at not exceeding six [per centum (6%) per annum]