2780                                  LAWS OF MARYLAND                               Ch. 795

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 therefore (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
with 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 or rates not exceeding eight per
centum (8%) per annum, 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 from 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 the 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, 1980.

Approved May 27, 1980.

CHAPTER 796