MARVIN MANDEL, Governor

2509

ALL OF WHICH SHALL BE REPAID OUT OF THE NEXT BOND ISSUE,.
IF ANY, FOR THE PARTICULAR SANITARY DISTRICT. IF THE
COUNTY COMMISSIONERS DO NOT EXPECT BONDS TO BE ISSUED FOR
THE PARTICULAR SANITARY DISTRICT WITHIN TWO YEARS OF THE
DATE ON WHICH THE SUM IS FURNISHED TO THE COMMISSION, THE
COUNTY COMMISSIONERS MAY WAIVE REPAYMENT OF THE ADVANCES.
THE AUTHORITY FOR ADVANCES GRANTED BY THIS SUBSECTION IS
IN ADDITION TO OTHER ADVANCES AUTHORIZED BY THIS
SUBTITLE.

161. Bonds; authorized, restriction, issue.

For the purpose of providing funds for the design,
construction, establishment, purchase or condemnation of
water supply[,] AND sewerage [and drainage] systems in
any of the sanitary districts, [said] THE Commission,
upon the approval of the County Commissioners of St.
Mary's County, is authorized and empowered to issue
bonds, from time to time upon the full faith and credit
of St. Mary's County, in such amounts as it may deem to
be 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 subtitle exceed [twenty—five per
centum] 25 PERCENT of the total value of the property
assessed for county taxation purposes within [said] THE
sanitary district. Subject to the conditions contained
herein the form, tenor, manner of selling, and all other
matters relating to the issuance of bonds under this
subtitle shall be prescribed in a resolution to be
adopted by the St. Mary's County Metropolitan Commission
prior to sale of the bonds. The issuance of such bonds
[shall] MAY 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 interests of the Commission and the
County Commissioners of St. Mary's County. [Said] THE
bonds shall be serial bonds issued upon the serial
maturing plan and in such denominations as shall be
determined by the Commission, [said] THE bonds may be
redeemable before maturity at the option of the
Commission at such price and under such terms and
conditions as may be fixed by the Commission prior to the
issuance of [said] THE bonds, shall bear interest 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] THE bonds, and shall mature in not more than
[thirty] 30 years after date of issue and shall be
forever exempt from State, city and county taxation AS
HEREINAFTER PROVIDED. 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
Maryland, which guarantee shall be endorsed on each of
[said] THE bonds in the following language: "The payment
of interest when due and the principal at maturity is