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Session Laws, 1963
Volume 671, Page 1574   View pdf image (33K)
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1574                           LAWS OF MARYLAND                      [CH. 767

ington Suburban Sanitary District of any storm water or surface
drainage system subject of an agreement between the Commission and
another commission, agency or public authority pursuant to Chapter
228 of the Laws of Maryland of 1959, the Washington Suburban Sani-
tary Commission is empowered to issue from time to time bonds of the
Washington Suburban Sanitary District as hereinafter provided in an
aggregate principal amount not exceeding six million dollars ($6,000,-
000), which bonds shall be in addition to any bonds authorized to be is-
sued under any other law for such purpose. The cost of such storm wa-
ter or surface drainage systems shall be deemed to include, in addition
to all other items of cost, any portion of the costs of the design and
construction of trunk sewers, sewage pumping stations and sewage
disposal facilities and major water supply lines and reinforcing
mains and other sanitary sewer and water supply facilities of the
Washington Suburban Sanitary District which the Commission shall
determine to have been or will be incurred on account of the con-
struction or planned construction of such storm water or surface
drainage systems. Said bonds shall be dated, shall bear interest at
such rate or rates not exceeding five per centum (5%) per annum,
shall mature at such time or times not exceeding forty 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 Com-
mission, 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.
Such bonds may be issued in coupon or in registered form, or both,
as the Commission may determine, and provision may be made for
the registration of any coupon bonds as to principal alone. The Com-
mission shall fix the denomination or denominations of the bonds
and the form and manner of execution of the bonds and of any in-
terest coupons to be attached thereto.

(b) Said Commission is authorized and empowered to issue its
negotiable notes from time to time in anticipation of the issuance
of bonds authorized under this Section. Such notes may be issued
for periods not exceeding one year and may be renewed from time
to time for periods not exceeding one year, but such notes, including
renewals, shall mature and be paid not more than five years from
the date of the note or notes, first issued. Such notes shall bear in-
terest at a rate or rates not exceeding five per centum (5%) per
annum, the interest to be payable at such time or times on or before
the maturity of the notes as the Commission shall determine. Such
notes shall be in such form and shall be executed in such manner
as the Commission shall provide. Such notes shall be payable from
the proceeds of the bonds in anticipation of which they shall be issued;
provided, however, that the Commission may, in its discretion, in lieu
of retiring such notes by means of bonds, retire such notes from any
funds available for the payment of bonds authorized hereunder for
the project or projects for which such notes were issued, in which
event the maximum amount of bonds which may be issued under the
provision of this Section shall be reduced by the amount of such notes
so retired.

Sec. 2. And be it further enacted, That the bonds authorized by
the Commission to be issued hereunder at any one time for payment
of the cost of storm water or surface drainage systems AND THE
COST OF ANY ENGINEERING OR OTHER SURVEYS OF

 

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Session Laws, 1963
Volume 671, Page 1574   View pdf image (33K)
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