BLAIR LEE III, Acting Governor

2177

water pollution.

15-15.

For the purpose of assisting in the engineering and the
construction of needed [sanitary facilities] WATER, SEWERAGE
AND DRAINAGE SYSTEMS, the Board may make [loans to the
Commission under appropriate written agreements for
repayment. The Board may make] general fund appropriations
or borrow funds for this purpose, upon such terms and
conditions as they deem right and proper.

15-16.

(a) For the purpose of providing funds for the
design, construction, establishment, purchase, or
condemnation of water [supply], sewerage and drainage
systems in Carroll County pursuant to this subtitle, the
[Commission] COUNTY is hereby authorized and empowered to
borrow money, [after the approval of the Board] from time to
time, and to evidence such borrowing by the issuance of
[its] bonds [or notes], which shall [be unconditionally
guaranteed as to payment of principal and interest by the
County Commissioners of Carroll County, a public body
politic and corporate of the State of Maryland (sometimes
referred to hereinafter in this subtitle as "the County"),
in the manner herein set forth] CONSTITUTE A PLEDGE OF THE
FULL FAITH AND CREDIT AND UNLIMITED TAXING POWER OF THE
COUNTY. The authority hereby conferred is subject to the
limitation that the [Commission] COUNTY shall issue no
amount of bonds pursuant to this section if, by the issuance
thereof, the total unpaid bonded indebtedness [of the
Commission] under this section, less the amount of any
sinking funds or reserves for payment of bonds previously
issued, shall exceed fifteen percentum of the total assessed
valuation of all property in Carroll County[,] subject to
unlimited [county] COUNTY taxation during the fiscal year of
the County most recently concluded. The bonds of each issue
shall be dated, shall bear interest at such rate or rates,
shall mature at such time or times not exceeding forty years
from their date or dates, as may be determined by the
[Commission] COUNTY, and may be made redeemable before
maturity, at the option of the [Commission] BOARD, at such
price or prices and under such terms and conditions as may
be fixed by the [Commission] BOARD prior to the issuance of
the bonds. The [Commission] BOARD shall determine the form
of the bonds, including any interest coupons to be attached
thereto, and the manner of execution of the bonds, and shall
fix the denomination or denominations of the bonds and the
place or places of payment of principal and interest, which
may be at any bank or trust company. In case any officer
whose signature or a facsimile of whose signature shall
appear on any bonds or coupons shall cease to be such
officer before the delivery of such bonds or shall become
such after the date of issue thereof, such signature or such
facsimile shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until such
delivery or had held said office on said date of issue. All