SPIRO T. AGNEW, Governor                       1275

base rate applicable to subdivision residential property, or if the

benefit charge is being paid and redeemed by a state, county or

municipal authority pursuant to the provisions of Section 83-73, then

at not less than the base rate the applicable to small acreage property,

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 [.]; PROVIDED, HOWEVER, THAT WHERE THE
BENEFIT CHARGE IS BEING PAID AND REDEEMED AT THE
TIME AND ON ACCOUNT OF THE ACQUISITION OF THE
PROPERTY BY A STATE, COUNTY, OR OTHER GOVERN-
MENTAL AUTHORITY OR AGENCY, PURSUANT TO THE
PROVISIONS OF ANY LAW REQUIRING SUCH REDEMPTION,
THEN THE PAYMENT TO THE COMMISSION SHALL BE THE
CAPITALIZED AMOUNT OF THE ACTUAL BENEFIT CHARGE,
BUT IN NO EVENT LESS THAN THE CHARGE WHICH WOULD
DEVELOP IF THE PROPERTY WERE IN THE SMALL ACRE-
AGE CLASSIFICATION, WITH THE REDEMPTION AMOUNT
CALCULATED AS HEREINABOVE PROVIDED. 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 charger , OR THE COMMISSION MAY INVEST OR USE
THE SUM OR SUMS SO PAID TO CONSTRUCT OTHER WATER
AND SANITARY SEWER LINES FOR WHICH BENEFIT
CHARGES ARE LEVIED, OR FOR AMORTIZING ANY BONDS
ISSUED FOR THE PURPOSE OF CONSTRUCTING SUCH
WATER AND SANITARY SEWER LINES, THAT IS, THOSE
FOR WHICH BENEFIT CHARGES ARE LEVIED UNDER SEC-
TION 83-71 (71-19) OF THIS SUBTITLE. 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. The extin-
guishment or redemption of any benefit charge shall be conditional
until the last year of maturity of the bonds from the proceeds of which
the construction was done, and if following redemption or extinguish-
ment the use of the property changes to another class so that the
property would be placed in a different class yielding a greater annual
benefit charge than that utilized for computing the redemption
amount, the Commission may reclassify the property and re-impose
a benefit charge for the remaining number of years, calculating the
benefit charge, however, so as to give credit for the sum paid for
extinguishment or redemption.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 632
(House Bill 66)

AN ACT to repeal and re-enact with amendments Section 52B of
Article 2B of the Annotated Code of Maryland (1957 Edition and