4042

LAWS OF MARYLAND

Ch. 767

under the authority of this section shall be serial bonds
with the principal of any given issue payable annually,
commencing not more than [three] 3 years from the date of
the bonds. The bonds may be either registered or coupon
bonds, or registerable as to principal with interest
represented by coupons and issued in such denomination or
denominations as shall be determined by the [commission]
WSSC, shall bear interest as provided in § [4-4] 4-104 of
this [article] TITLE payable semi-annually and shall mature
not exceeding [forty] 40 years from the date of issue, and
all bonds of the SANITARY district or of the [commission]
WSSC, including those heretofore issued, shall be forever
exempt from taxation by the State of Maryland and by the
counties and municipalities .in the state. Any bonds
hereafter issued by the [Washington Suburban Sanitary
Commission] WSSC in its name or in the name of the
[Washington Suburban Sanitary District] SANITARY DISTRICT
may be made redeemable before maturity at the option of the
[commission] WSSC, at such price or prices and under such
terms and conditions as may be fixed by the [commission]
WSSC prior to the issuance of such bonds.

(b) They shall be issued under the hand and seal of
the [commission] WSSC and shall be guaranteed as to payment
of principal and interest by the county councils of both
Montgomery and Prince George's counties, which guaranty
shall be endorsed on each of the bonds in the following
language: "The payment of interest when due and the
principal at maturity is guaranteed by Montgomery and Prince
George's counties, Maryland". The bonds of the sanitary
district shall be signed by the chairman and the secretary
and the treasurer of the [commission] WSSC or, if the
[commission] WSSC shall so provide, by any [two] 2 of its
members and the official seal of the [commission] WSSC shall
be impressed upon the bonds. However, the [commission] WSSC
may authorize any of its officials to sign the bonds with
his facsimile signature. Also, the [commission] WSSC may
authorize a facsimile of the official seal of the
[commission] WSSC to be imprinted on the bonds, in which
case it shall not be necessary that the official seal be
impressed physically upon the bonds. The guaranty or
endorsement by the county council shall be signed on each of
the bonds on behalf of each county by the county executive
or by any officer designated for that purpose by the county
executive, by his facsimile or manual signature as the
county executive shall determine, within 20 days after the
bonds are presented by the [commission] WSSC for the signing
of the endorsement. In the event of any liability under the
above guaranty, the liability for each county shall be in
whatever proportion as the assessable basis of that part of
either county within the sanitary district bears to the
assessable basis of the whole of the SANITARY district.
Notwithstanding the foregoing provisions of this paragraph,
the [commission] WSSC may, at its option and pursuant to the
provisions of § [4-3] 4-103 of this [article] TITLE, waive
the guarantee of the counties above provided for.