MARVIN MANDEL, Governor                        269

CHAPTER 94
(House Bill 986)

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 per cent interest that may be paid on bonds issued by the
Washington 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—Executive
and Administrative Departments," subtitle "Washington Metropol-
itan 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repealed and re-enacted with amendments, to read as follows: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 per cent per
annum, payable annually or semiannually; provided that such inter-
est rate limitation shall not be applied to any bonds which are pay-
able 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
disposition 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 at an aggregate price below the par or face value thereof if
such sale would result in a net interest cost to the Authority cal-
culated upon the entire issue so sold or more than six per cent per
annum payable semiannually, according to standard tables of bond
values; provided that such limitation on the net interest cost shall
not be applied to any bonds which are payable solely from contribu-
tions or other payments to be made by the Federal Government. All
bonds issued and sold pursuant to this title may be sold in such man-
ner, either at public or private sale, as the board shall determine.

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

Approved April 9, 1969.

CHAPTER 95
(House Bill 993)

AN ACT to add new Section 2A to the Code of Public Local Laws of
Cecil County (1961 Edition, being Article 8 of the Code of Public