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Session Laws, 1971
Volume 707, Page 1294   View pdf image
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1294                             laws of Maryland                      [Ch. 619

and secured by a debt service reserve fund will exceed the amount of
such debt service reserve fund at the time of issuance, unless the
Service, at the time of the issuance of such bonds, shall deposit in
such debt service reserve fund from the proceeds of the bonds so to
be issued, or otherwise, an amount which, together with the amount
then in such debt service reserve fund, will be not less than the maxi-
mum amount of principal and interest becoming due in any succeed-
ing calendar year on the bonds then to be issued and on all other
bonds of the Service then outstanding and secured by such debt
service reserve fund.

(c)    To assure the continued operation and solvency of the Serv-
ice for the carrying out of the public purposes of this Article, pro-
vision is made in subsection (a) of this section for the accumulation
in each debt service reserve fund of an amount equal to the maxi-
mum amount of principal and interest maturing and becoming due
in any succeeding calendar year as determined by the Service on
all bonds of the Service then outstanding and secured by such debt
service reserve fund. In order further to assure the maintenance of
such debt service reserve funds in the respective amounts provided
therefor by the Service in the issuance of its bonds secured thereby,
there may be annually appropriated and paid to the Service for de-
posit in each such debt service reserve fund such amount, if any, as
shall be certified by the Director of the Service to the Governor as
necessary to restore such debt service reserve fund to an amount
equal to the maximum amount provided therefor by the Service as
aforesaid. The Director of the Service shall annually, on or before
the 10th day of February, make and deliver to the Governor his
certificate stating the amount, if any, required to restore each debt
service reserve fund to the amount aforesaid and the amount or
amounts so certified, if any, may be appropriated and paid to the
Service during the next succeeding fiscal year.

(d)    In computing the amount of any debt service reserve fund
for the purposes of this section, securities in which all or a portion
of such fund shall be invested shall be valued at par, or if purchased
at less than par, at their cost to the Service.

(e)    For the purposes of this section, the principal of bonds shall
become due at the stated date of maturity or such earlier date as such
bonds may be payable by operation of any sinking fund applicable
thereto.

28.

This Article shall constitute full and complete authority, without
regard to the provisions of any other law for the doing of the acts
and things herein authorized, and shall be liberally construed to
effect the purposes hereof; provided, however, that nothing herein
contained shall be taken as restricting any control which the Depart-
ment of Health and Mental Hygiene and the Department of Natural
Resources, or any of the departments or agencies included therein,
are empowered to exercise over any wastewater purification or solid
waste disposal project authorized by this Article except as provided
for in Section 12(e) of this Article.
Provided further that nothing
herein contained shall be taken as authority or power to interfere
with, restrict or otherwise affect the operation of existing waste-
water purification or solid waste disposal projects found by the Sec-

 

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Session Laws, 1971
Volume 707, Page 1294   View pdf image
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