2054

LAWS OF MARYLAND

Ch. 723

TOTAL UNPAID BONDED INDEBTEDNESS UNDER THIS SECTION, LESS
THE AMOUNT OF ANY SINKING FUNDS OR RESERVES FOR PAYMENT OF
BONDS PREVIOUSLY ISSUED, SHALL exceed fifteen per centum of
the total assessed valuation of all property in Frederick
County, subject to unlimited county taxation during the
fiscal year of the county most recently concluded. [The
commission may pay the interest on any bonds it issues out
of the proceeds of the sale of the bonds, but not more than
one year's interest may be so expended.]

[(b) Subject to the conditions contained herein the
form, tenor, manner of selling, and all other matters
relating to the issuance of bonds under this subheading
shall be prescribed in a resolution to be adopted by the
Frederick County Metropolitan Commission at least fifteen
days prior to sale of the bonds. If bonds are issued, the
provisions of sections 9, 10, 11 and 12 of Article 31 of the
Annotated Code of Maryland (1967 Replacement Volume and 1967
Supplement) and amendments thereto, shall be complied with.
The bonds shall be serial bonds issued upon serial maturing
plan and in such denominations as may be determined by the
commission. 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 the bonds, shall bear interest at a rate
payable semiannually, shall mature in not more than thirty
years after date of issue, and shall be forever exempt from
state, city, and county taxation. They shall be issued
under the signature and seal of the commission and shall be
guaranteed as to payment of principal and interest by the
county commissioners of Frederick County, which guarantee
shall be endorsed on each of said bonds in the following
language: "The payment of interest when due and the
principal at maturity is guaranteed by Frederick County,
Maryland." Such endorsement shall be signed on each of the
bonds by the president or vice—president of the board of
county commissioners of the county, with the seal of the
county affixed thereto, attested by the signature of the
clerk to said county commissioners, within ten days after
the bonds are presented by the commission to them for
endorsement.]

(B) THE BONDS OF EACH ISSUE SHALL BE DATED AND SHALL
BEAR INTEREST AT SUCH RATE OR RATES, SHALL MATURE IN SUCH
AMOUNT OR AMOUNTS AND AT SUCH TIME OR TIMES NOT EXCEEDING 40
YEARS FROM THEIR DATE OR DATES OF ISSUE, AS MAY BE
DETERMINED BY THE BOARD, AND MAY BE MADE REDEEMABLE BEFORE
MATURITY, AT THE OPTION OF THE BOARD, AT SUCH PRICE OR
PRICES AND UNDER SUCH TERMS AND CONDITIONS AS MAY BE FIXED
BY THE BOARD PRIOR TO THE ISSUANCE OF THE BONDS. THE BOARD
MAY PROVIDE FOR CREATION OF A SINKING FUND OR FUNDS FOR THE
PAYMENT OF THE BONDS AT OR PRIOR TO THEIR MATURITY DATE OR
DATES. THE 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