1798 LAWS OF MARYLAND. [CH. 930

The issuance of such revenue refunding bonds, notes or cer-
tificates, and the other details thereof, the rights of the hold-
ers thereof, and the duties of the Mayor and Council with
respect thereto, shall be subject to the consent and approval
of the Public Service Commission of Maryland and shall be
governed by the provisions of Sections 116A to 116X of this
sub-title insofar as the same may be applicable and by the
following provisions:

(a) None of such refunding revenue notes, bonds or cer-
tificates shall create an obligation of the Mayor and Council
greater than that of the notes, bonds or certificates in place
of which they are issued except that higher interest rates may
be paid on said refunding revenue notes, bonds or certificates
within the limitation prescribed in Section 116D of this sub-
title and except that the final maturity date of any of such
refunding revenue notes, bonds or certificates may be extended
ten (10) years beyond the last maturity of any of the revenue
notes, bonds or certificates refunded;

(b) No refunding revenue bonds, notes or certificates shall
be issued to refund any revenue notes, bonds or certificates
or be delivered in exchange for any such revenue notes, bonds
or certificates, except in the amount necessary to provide for
the payment of revenue notes, bonds or certificates which
have matured or become redeemable or which will mature
or be redeemable within three months, including any redemp-
tion premium thereon;

(c) No refunding revenue notes, bonds or certificates shall
be issued for the sole purpose of refunding any revenue notes,
bonds or certificates outstanding under the provisions of Sec-
tions 116A to 116X of this sub-title which may be called for
redemption but have not matured unless the interest rate
on such refunding revenue notes, bonds or certificates shall
be at least one-fourth (%) of the one per centum (1%) less
than the interest rate borne by the revenue notes, bonds or
certificates to be refunded.

116U. None of the powers granted by Section 116A to 116X
of this sub-title shall be exercised by the Mayor and Council
without the permission and approval of the Public Service
Commission of Maryland first had and obtained and unless
and until a certificate of authority is duly granted by said
Commission to construct and maintain and operate said mu-
nicipal electric light and power system and to issue said
revenue notes, bonds or certificates as provided in Section 401
of Article 23 of the Code of Public General Laws of Maryland
(1939 Edition).

116V. Notwithstanding the fact that title to said munic-
ipal electric light and power system may be held fry any