MARVIN MANDEL, Governor                      1425

ANY JUDGE IN OFFICE AS OF JUNE 30, 1969, WHO INI-
TIALLY DOES NOT ELECT TO BE UNDER THE PENSION
PLAN PROVIDED FOR IN THIS SUBSECTION, BUT WHO
LATER WISHES TO DO SO MUST, UPON SUCH ELECTION,
PAY IN A LUMP SUM, IN ADDITION TO THE ANNUAL CON-
TRIBUTIONS PROVIDED FOR IN THIS SUBSECTION, AN
AMOUNT EQUAL TO THE CONTRIBUTIONS HE WOULD
HAVE MADE, IF INITIALLY UNDER THE PLAN, FOR EACH
YEAR AFTER JUNE 30, 1969, PLUS INTEREST OF FOUR
PERCENT (4%).

(5) THERE SHALL BE NO LOCAL SUPPLEMENTATION OF
PENSIONS FOR JUDGES TAKING OFFICE AFTER JUNE 30,
1969, WHO ELECT TO RECEIVE A PENSION UNDER THIS
SUBSECTION IN ANY AMOUNT THAT WILL MAKE THE
TOTAL OF THE STATE AND LOCAL PENSION EXCEED
$20,000.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 14, 1969.

CHAPTER 613
(Senate Bill 584)

AN ACT to repeal and re-enact, with amendments, Sections 317-35
and 317-39 of Article 41 of the Annotated Code of Maryland (1965
Replacement Volume), title "Governor—Executive and Adminis-
trative Departments," subtitle "Washington Metropolitan Area
Transit Regulation Compact," to provide that the limitation of six
percent interest that may be paid on bonds issued by the Washing-
ton Metropolitan Area Transit Authority shall not be applicable
to bonds which are payable solely from contributions or other
payments to be made by the Federal Government.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 317-35 and 317-39 of Article 41 of the Annotated Code
of Maryland (1965 Replacement Volume), title "Governor—Execu-
tive and Administrative Departments," subtitle "Washington Metro-
politan Area Transit Regulation Compact," be and they hereby are
repealed and re-enacted, with amendments, to read as follows:

317-35.

Bonds shall bear interest at a rate of not to exceed six percent
per annum, payable annually or semiannually [.]; provided that such
interest rate limitation shall not be applied to any bonds which are
payable solely from contributions or other payments to be made by
the Federal Government.

317-39.

The board may fix terms and conditions for the sale or other dis-
position of any authorized issue of bonds. The board may sell bonds
at less than their par or face value but no issue of bonds may be sold