HARRY HUGHES, Governor

791

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]
SUBSECTION, the WSSC may, at its option and pursuant to the
provisions of § 4-103 of this title, waive the guarantee of the
counties above provided for.

4-105.

(a) For the purpose of retiring the bonds and notes
authorized to be issued by this article and the payment of the
interest thereon, there shall be levied against all the
assessable property within such sanitary district, by the County
Councils of Montgomery and Prince George's counties,
respectively, annually so long as any of such bonds or notes are
outstanding and not paid, a tax sufficient to meet the interest
on such bonds and notes as it becomes due, and to pay the
principal thereof as they mature, such tax to be determined,
levied, collected and paid over in the following manner: At
least 30 days before the tax levying period of each year, the
respective county executives shall certify to the WSSC the whole
valuation of assessable property within the sanitary district.
Such WSSC shall then determine the amount necessary to be raised
for the ensuing year for the payment of interest on all
outstanding bonds and notes, the principal of all serial bonds
and of all notes maturing in such year and the proportionate part
of principal of all outstanding sinking fund bonds, the amount to
be paid on the principal of such sinking fund bonds in any 1 year
to be determined by the usual table of redemption of bonds by
annual deposit in a sinking fund on interest; and after deducting
all amounts in hand applicable to payment of interest and
principal on such bonds and notes, as hereinafter provided, it
shall determine the number of cents per $100 necessary to raise
such amount and shall so certify to both the County Councils of
Montgomery and Prince George's counties. The County Councils of
Montgomery and Prince George's counties in their next annual levy
shall levy such tax on all land and improvements and any other
property assessed for county tax purposes within such sanitary
district, which tax shall be levied and collected as county taxes
now are or may be hereafter by law levied and collected, and have
the same priority rights, bear the same interest and penalties
and in every respect be treated the same as county taxes. The
tax so [levied,] LEVIED for the ensuing year shall be collected
by the respective tax collecting authorities, and every 60 days
they shall remit the whole amount of tax collected to such WSSC.
From the money so received, together with the amount in hand to
the credit of such current bond fund, or applicable to the
payment of interest on its bonds and notes and the principal
thereof, the WSSC shall first pay all interest on such bonds and
notes as it matures, pay, or reserve a sufficient amount of money
to pay, its serial bonds maturing in such taxable year, and shall
then deposit in some bank or banks in 1 or both of the counties,
to the credit of both counties and the WSSC, as a joint fund to
be known as "sinking fund account," the amount so raised for the
payment of the proportionate part of the principal of such
sinking fund bonds.