2636

LAWS OF MARYLAND

Ch. 701

George's County shall levy annually upon all of the property
assessed for county tax purposes within such portion of the
Sanitary District in Prince George's County, upon the
certification of the Washington Suburban Sanitary
Commission, an ad valorem tax at a rate necessary to produce
annually the sum required to pay such principal and interest
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 shall guarantee the bonds and
notes substantially in the manner and form provided for
guarantee of the construction bonds of the Sanitary
District. The 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 the
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 the
principal and interest in any year, the 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 may 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 5 years and may be renewed from time
to time for periods not exceeding 1 year, but the notes,
including renewals, shall mature and be paid not more than 5
years from the date of the note or notes first issued. The
notes shall bear interest at such rate or rates as the
Commission determines to be advantageous to the District and
otherwise in the public interest, the interest to be payable
at such time or times on or before the maturity of the notes
as the Commission shall determine. The notes shall be in
such form and shall be executed in such manner as the
Commission shall provide. The notes shall be payable from
the proceeds of the bonds in anticipation of which they
shall be issued, but the Commission may, in lieu of retiring
the notes by means of bonds, retire the notes from any funds
available for the payment of bonds authorized hereunder for
the project or projects for which the 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 the 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 the
bonds or notes may be used to pay either the first
installment, or both the first and second installments, of