Marvin Mandel, Governor                        1289

transferred to the sole ownership of the Service on the effective date
that the service district comes into existence. Compensation for
existing projects may be based on the original cost of the project
minus an allowance for depreciation, or on other terms and condi-
tions satisfactory to the municipality or person transferring the
project. All costs and obligations assumed by the Service incidental
to the transfer of ownership shall be included in the charges [levied
against] apportioned to the service district.

7.

(a) In calculating charges for waste management contracts and
in determining the local costs to be [levied against] apportioned to
a service district established pursuant to this Article, the Service
shall require that the charges reflect the full costs of projects. Such
charges and costs to be [levied against] apportioned to any particu-
lar municipality or person located within a service district shall take
account of the value and capacity of any existing facility trans-
ferred by such municipality or person to the Service, and the costs
and obligations assumed by the Service incidental to the transfer of
such facility, and, to the extent deemed reasonable and practicable
by the Service, charges shall also be based on but not necessarily
limited to a formula reflecting the volume and characteristics of the
wastes as they influence transportation, purification, final disposal,
and time pattern of discharge.

11.

(a)    The Service is hereby authorized and empowered to provide,
by resolution adopted by a majority of the Board of Directors, from
time to time for the issuance of [revenue] bonds and notes of the
Service for the purpose of paying [financing] the cost of [acquisi-
tion, construction, reconstruction, improvement or extension of]
any one or more solid waste disposal projects or wastewater purifica-
tion projects or any combination thereof acquired, constructed, re-
constructed, rehabilitated, improved or extended by the Service and
to provide funds to he paid into any debt service reserve funds.

(b)    The Board of Directors shall have absolute discretion to
determine with respect to the bonds or notes of any issue: (i) the
date or dates of issue; (ii) the date or dates and amount or amounts
of maturity, provided only that no bond of any issue shall mature
later than forty (40) years from the date of its issue; (iii) the rate
or rates of interest payable thereon and the date or dates of such
payment; (iv) the form or forms, denomination or denominations,
manner of execution and the place or places of payment thereof, and of
the interest thereon, which may be at any bank or trust company
within or without this State; (v) whether such bonds or notes or
any part thereof shall be made redeemable before maturity and, if so,
upon what terms, conditions and prices; and (vi) any other matter
relating to the form, terms, conditions, issuance and sale thereof.

12.

(a) In case any officer whose signature or a facsimile of whose
signature appears on any bonds or coupons or notes shall cease to be
such officer before the delivery of such bonds or notes, such signature