J. MILLARD TAWES, GOVERNOR                           1567

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 48 of Chapter 780 of the Acts of the General Assembly
of 1959, this Act having enacted the sub-title "Park and Planning
Commission", and added said sub-title to the Montgomery County
Code (1955 Edition, being Article 16 of the Code of Public Local Laws
of Maryland), and added said sub-title also to 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), and said Section
48 being in the sub-heading "Metropolitan District", be and it is
hereby repealed and re-enacted, with amendments, to read as follows:

48.

(a)   Authorized—In the event any of the bonds or notes authorized
to be issued hereinabove in this sub-title shall be issued and delivered
to the National Capital Planning Commission in part payment for
any park lands acquired under Sub-sections (a) and (b) of Section 1
of said Public Act 284, as amended, and pursuant to any contracts un-
der which the National Capital Planning Commission may offer the
bonds or notes for sale to the public at a fixed time after such issue and
delivery, or in the event any such bonds shall be issued subject to re-
demption or repurchase, at the option of the Commission, then and
in [that] either such event the Commission is authorized and em-
powered [, if permitted by the contracts,] to redeem or repurchase
the bonds or notes at [not exceeding the par value thereof] the
redemption prices therein stated, plus accrued interest and to pro-
vide funds for the redemption or repurchase by the issue and sale
from time to time of refunding bonds in the manner and upon the
terms and conditions hereinafter set forth.

(b)    Form of refunding bonds.—The refunding bonds may be
issued in amounts sufficient to accomplish any such redemption or
repurchase and in units or series corresponding [in par amounts]
to the bonds or notes to be repurchased or refunded and bearing the
same [numbers and] series letters as the bonds or notes to be re-
funded, or an issue of refunding bonds may be made in an amount
sufficient to provide for the refunding or repurchase of several series
of bonds or notes [initially issued to the National Capital Planning
Commission]. In no event shall bonds or notes initially issued [to
the National Capital Planning Commission] on account of lands
purchased in Prince George's County and bonds [and] or notes
initially issued [to said National Capital Planning Commission] on
account of lands purchased in Montgomery County be refunded or
repurchased through the flotation of a single issue of refunding bonds
authorized hereinabove.

(c)   Identification and maturity of refunding bonds.—The refund-
ing bonds so authorized may be identified as refunding bonds or may
be designated in any other appropriate fashion. The Commission
has full and complete power and authority to determine the terms
and conditions of the bonds and the manner, method and place of
sale thereof, subject only to the condition that in no event shall any
issue of said bonds mature later than sixty (60) years from the
earliest of the respective dates of issue of the corresponding series
of bonds or notes [initially issued to the National Capital Planning
Commission] in substitution for which any issue of bonds hereby
authorized, are issued.