2364

LAWS OF MARYLAND

Ch. 415

Commission determines to be advantageous to the Sanitary District
and otherwise in the public interest, shall mature at such time
or times not exceeding 40 years from their date or dates, as may
be determined by the Commission, and may be made redeemable
before maturity, at the option of the Commission, at such price
or prices and under such terms and conditions as may be fixed by
the Commission prior to the issuance of the bonds. The bonds
shall be fully registered bonds without coupons in a form that
the Commission deems is necessary or desirable, and the
Commission shall fix the denomination or denominations of the
bonds and the form and manner of execution of the bonds.

(b) The bonds authorized by the Commission to be issued in
accordance with this Act at any one time for payment of the cost
of storm water, surface drainage, or flood control projects or
systems, or individual floodproofing facilities on private
property, including the cost of any applicable engineering or
other surveys, in that portion of the Washington Suburban
Sanitary District situated in Prince George's County, shall
constitute a separate series from any other bonds of the Sanitary
District. The proceeds from the bond issuance shall be used for
the purposes set forth in this Act in that portion of the
Sanitary District situated in Prince George's County. For the
payment of the principal of and the interest on the bonds of the
series, and for the payment of the interest on any notes issued
under the provisions of Section 1(c) of this Act, in anticipation
of the issuance of any bonds of the series, the County Council of
Prince George's County shall levy annually upon all of the
property assessed for county tax purposes within that portion of
the Sanitary District situated 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 the principal and interest for the current year.
The ad valorem tax shall be levied and collected as other
Commission ad valorem taxes are levied, collected and paid to the
Commission. The bonds and any notes issued in anticipation of
the bonds for the purposes set forth in this Act shall be
guaranteed as to both principal and interest by Prince George's
County, and the County Council of Prince George's County is
hereby authorized and directed to guarantee the bonds and notes
substantially in the manner and form provided for the 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 for the. same
purpose (either through the issuance of bonds or notes authorized
by this Act or otherwise) are inadequate to provide the funds
necessary to pay the principal and interest in any year, the
County. Council of Prince George's County shall levy upon all
property subject to taxation within Prince George's County the ad
valorem tax in rate and amount sufficient to make up the
deficiency.