1518                                       LAWS OF MARYLAND                                 Ch. 395

for the current year, which tax shall be levied and
collected as other Commission ad valorem taxes are levied
and collected and paid to the Commission. The bonds and any
notes issued in anticipation thereof for the purposes stated
in this Section shall be guaranteed as to both principal and
interest by Prince George's County, and the County Council
of Prince George's County is hereby authorized and directed
to guarantee said bonds and notes substantially in the
manner and form provided for guarantee of the construction
bonds of said Sanitary District. Such guarantee shall
operate as a pledge of the full faith and credit of Prince
George's County to the payment of the maturing principal of
and interest on said bonds and notes and, to the extent that
the taxes above provided for in this Section and any other
moneys available or to become available therefor (either
through the issuance of bonds or notes authorized hereunder
or otherwise) are inadequate to provide the funds necessary
to pay such principal and interest in any year, said County
Council shall levy upon all property subject to taxation
within Prince George's County ad valorem taxes in rate and
amount sufficient to make up any such deficiency.

(c) The Commission is authorized and empowered to
issue its negotiable notes from time to time in anticipation
of the issuance of bonds authorized under this Section.
Such notes may be issued for periods not exceeding five
years and may be renewed from time to time for periods not
exceeding one year, but such notes, including renewals,
shall mature and be paid not more than five years from the
date of the note or notes first issued. Such notes shall
bear interest at a rate not exceeding eight percent per
year, the interest to be payable at such time or times on or
before the maturity of the notes as the Commission shall
determine. Such notes shall be in such form and shall be
executed in such manner as the Commission shall provide.
Such notes shall be payable from the proceeds of the bonds
in anticipation of which they shall be issued; provided,
however, that the Commission may, in its discretion, in lieu
of retiring such notes by means of bonds, retire such notes
flora any funds available for the payment of bonds authorized
hereunder for the project or projects for which such notes
were issued, in which event the maximum amount of bonds
which may be issued under the provisions of this Section
shall be reduced by the amount of such notes so retired.

SECTION 2. AND BE IT FURTHER ENACTED, That the
Commission may provide in any resolution authorizing
issuance of such bonds that proceeds of the sale of such
bonds or notes may be used to pay either the first
installment, or both the first and second installment, of
interest accruing on the bonds pending the levy and
collection of taxes therefor.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.