2510                                     LAWS OF MARYLAND                            Ch. 911

guaranteed by the County Commissioners of St. Mary's
County, Maryland." Such endorsement shall be signed on
each of [said] THE bonds by the President and by the
Clerk of the Board of County Commissioners of [said] THE
County within ten days after the bonds are presented by
the Commission to them for endorsement. [At any time
prior to the issuance of any such bonds the County
Commissioners are hereby authorized and directed to
furnish the Commission a sum not exceeding one hundred
thousand dollars ($100,000.00), which shall be repaid out
of the first available moneys derived from the sale of
the first bonds issued, if any.]

THE PRINCIPAL AMOUNT OF BONDS ISSUED [[UNDER THIS
SUBTITLE]] HEREUNDER, THE INTEREST PAYABLE [[ON THEM]]
THEREON, THEIR TRANSFER, AND ANY INCOME DERIVED [[FROM
THEM]] THEREFROM, INCLUDING ANY PROFIT MADE IN THE SALE
OR TRANSFER [[OF THEM, IS]] THEREOF, SHALL BE AND REMAIN
EXEMPT FROM TAXATION BY THE STATE OF MARYLAND AND BY THE
SEVERAL COUNTIES AND MUNICIPAL CORPORATIONS OF THIS
STATE.

162. Same; levy of taxes; penalty.

(a) For the purpose of retiring the bonds
authorized to be issued by this subtitle and of paying
the interest thereon, the Commission shall cause to be
levied, against all assessable property within the
sanitary districts for which the bonds have been issued,
by the County Commissioners of St. Mary's County
annually so long as any of the bonds are outstanding and
not paid, a tax sufficient to provide the sum WHICH the
Commission may deem sufficient and necessary, in
conjunction with any amounts as the Commission may
estimate that it will be able to collect out of the [debt
service assessments therefor] BENEFIT ASSESSMENTS AND
CHARGES levied by it but not yet paid and any further
funds then available for the purpose, to meet the
interest on the bonds as it becomes due and to pay the
principal thereof as the bonds mature, and the tax shall
be determined, levied, collected and paid over in the
manner following, that is to say, at least 75 days before
July 1 of each year, the County Commissioners shall
certify to the [Metropolitan] Commission the whole
valuation of the assessable property within each sanitary
district. The Commission shall then determine in the
manner above prescribed the amount which it deems
necessary to be raised during the ensuing year for the
payment of interest ON OUTSTANDING BONDS and principal of
all serial bonds maturing in the year, and after
deducting all amounts in hand or in contemplation
applicable to payments of THE PRINCIPAL OF AND interest
[and principal] on the bonds as hereinbefore and
hereinafter in the subtitle provided[;], it shall
determine the number of cents per $100.00 necessary to
raise the [said] amount for each such sanitary district
and shall certify the same to the Board of COUNTY
Commissioners at least 60 days before July 1 of each