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HARRY HUGHES, Governor
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1399
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(d) In pursuance of the foregoing, the Commission may offer
the bonds for sale at not less than par, either by competitive
bids at public sale or, if the Commission by resolution
determines that a more advantageous price may be obtained [on
smaller issues], [than] THEN by private negotiations; issue the
bonds in serial maturity form or with a single fixed date or
maturity; make the bonds redeemable in whole or in part by lot or
otherwise after a certain period or date; issue them subject to
registration as to principal and interest or as to principal
only; establish and maintain, in accordance with law, a sinking
fund for the payment of the maturing principal and interest of
the bonds; fix the interest rate payable thereon[, not exceeding
five percent a year,] AT SUCH RATE OR RATES ANNUALLY AS THE
COMMISSION DETERMINES TO BE ADVANTAGEOUS AND OTHERWISE IN THE
PUBLIC INTEREST, to prescribe the manner in which the rates of
interest shall be determined; and generally, determine all of the
provisions of the bonds.
(e) The bonds issued in accordance with the foregoing
provisions shall be guaranteed, by endorsement thereon, as to
payment of principal and interest by Montgomery County or by
Prince George's County, as the case may be, in the manner
hereinabove prescribed for all other issues of bonds [or notes]
of the Commission. All the bonds shall be issued upon the full
faith and credit of the county guaranteeing them. The principal
and interest thereof shall be payable, either directly or through
the medium of a sinking fund, from the proceeds of the collection
of the taxes authorized to be levied to provide funds for
servicing the bonds [or notes] in substitution for which the
bonds hereby authorized shall be issued, but the funds needed for
principal and interest payments of the bonds authorized may not
be preferred in the division of tax proceeds over the funds
needed for principal and interest payments or any other issue of
bonds [or notes] payable therefrom in accordance with law.
[(f) Bonds authorized and their payable interest in the
hands of the persons entitled thereto from time to time, shall be
and remain forever exempt from all State, county, and municipal
taxation of every kind and nature whatsoever in the State of
Maryland. None of the provisions of §§ 10 and 11 of Article 31,
Annotated Code of Maryland (1957 Edition, as amended from time to
time), are applicable to or have any bearing upon the manner and
method of sale of the bonds or notes authorized in this title.]
(6-106.] 6-105.
The Commission from time to time during any fiscal year may
borrow sums of money on promissory notes, to be known as tax
anticipation certificates of indebtedness, to bear interest at
such rate or rates annually as the Commission determines to be
advantageous and otherwise in the public interest, and to be
signed by the chairman and secretary-treasurer of the Commission,
as necessary to meet its expenses within either county [under
this title and also to meet debt service payable from the 7 cent
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