1704                             Laws of Maryland                       Ch. 589

any of the purposes for which any bonds of the District are to be
issued, and to issue negotiable bond anticipation notes of the District
for the money so borrowed in anticipation of the issuance of such
bonds; provided, however, that the aggregate amount of all bond
anticipation notes outstanding under the authority of this [s]
Section at any one time shall not exceed [Five Million Dollars
($5,000,000)] Ten Million Dollars ($10,000,000); and provided,
further, that the aggregate amount of bond anticipation notes issued
under the authority of this [s] Section in anticipation of the issu-
ance of bonds which are subject to the fourteen per centum (14%)
limitation, together with the aggregate amount of bonds then out-
standing which are subject to [said] such limitation, shall not
exceed [said] that limitation.

(b) Provisions. Such bond anticipation notes, except those which
may be issued for emergent purposes as hereinafter mentioned and
within the hereinafter specified limitation therefor, shall mature
within a period of not exceeding [one (1) year, and] five (5) years,
or if issued for a period of less than five (5) years they may be
renewed from time to time for successive periods of not exceeding
one (1) year each, but such notes, including renewals, shall be
payable not more than five (5) years from the date of the notes first
issued. Such notes shall be in such denomination or denominations,
shall bear interest at such rate or rates not exceeding [five per
centum (5%)] eight per centum (8%) per annum, payable at such
time or times at or before the maturity of the notes, shall be in such
form and shall be executed in such manner as the Commission shall
prescribe. Such bond anticipation notes shall be sold at public sale
or, if the notes be renewal notes, they may be exchanged for notes
then outstanding on such terms as the Commission shall determine;
provided, however, that of the aforegoing authorized bond anticipa-
tion notes such notes in an amount of not more than One Million
Dollars ($1,000,000), either at one time or outstanding at any one
time, may be sold by a negotiated sale, i.e., without the requirement
of a public sale, where from an economic or engineering or orderly
financial administration point of view the Commission finds the
requirements for the funds are such as to require the sale of the
notes at an immediate or earlier time than would be possible through
the procedures of public sale. Before concluding a negotiated sale,
however, the Commission shall negotiate with at least two recognized
banking institutions which generally purchase bond anticipation
notes and obtain the terms most favorable in the Commission's in-
terest. Further, any bond anticipation notes sold at a negotiated
sale shall mature within a period of not exceeding sixty (60) days
and may be renewed not more than one time for an additional
[similar maximum] period not exceeding sixty (60) days.

Sec. 3. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by a
yea and nay vote supported by three-fifths of all the members elected
to each of the two houses of the General Assembly, the same shall
take effect from the date of its passage.

Approved May 5, 1970