974                               Laws of Maryland                        [Ch. 586

fied, for a period of years co-extensive with the period of maturity
of the bonds out of the proceeds of which such construction was done;
[provided, however, that any property owner may, at his option,
within one year from the time said front foot benefit charge is levied,
extinguish the same by the payment in cash, in one sum, of the pro-
portion of the estimated cost of the project, considered as a part of the
whole system of which the construction abutting upon his property
is a part, represented by the number of front feet which he is assessed,
with interest at the rate of six per centum per annum from the date
of said levy, less any annual payment that may have been made
thereon. The Commission, however, in estimating said cost for the
purpose of extinguishment may add thereto a reasonable margin to
protect itself against possible changes in the cost of construction and
loss of interest. All sums received under such plan of extinguishment
shall be preserved intact by said commission less the payment of the
proportion of interest and sinking fund properly chargeable to the
amount so received and used for future construction, and provided,
further, that any property owner, whose property is classified under
business or industrial, or subdivision, may, at his option, at any time
during the life of said benefit charge, extinguish the same by payment
in cash of an amount which, if put at interest at three and a half
per cent, compounded annually, would yield an annuity equal to the
annual assessment at the base rate and disregarding any allowance
for excess, for the period for which said benefit charge has yet to
run PLUS ANY CHARGES IN DEFAULT,]. Said benefit charge
may be extinguished or redeemed, at any time, upon the pay-
ment to the said Commission of a sum equal to the amount of
said ANNUAL benefit charge multiplied by the number of years
that it has yet to run, less the interest, at the rate of interest of
the bonds out of the proceeds of which the construction upon which
said benefit charge is based, was done, calculated annually on the
amount of such annual front benefit charge; and upon the receipt of
such sum, or sums, from the extinguishment or redemption of one or
more front foot benefit charges, the Commission shall purchase and
cancel one or more bonds out of the series of bonds issued for the
purpose of the construction which was the basis of said front foot
benefit charge. The Commission is hereby authorized to make up
any deficiency in the purchase of a bond or pay a premium if required,
out of any surplus funds available.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1957.

Approved April 10, 1957.

CHAPTER 586
(House Bill 436)

AN ACT to repeal and re-enact, with amendments, Section 1610 (b)
of the Code of Public Local Laws of Prince George's County (1953
Edition), being Article 17 of the Code of Public Local Laws of
Maryland, title "Prince George's County", sub-title "Washington

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.