1706                             Laws of Maryland                      [Ch. 776

alternate, it shall be filled in the same manner as an original
appointment.

317-21.

The Board may borrow, in anticipation of receipts, from any
signatory, the Washington Suburban Transit District, the Northern
Virginia Transportation District of OR any component thereof, or
from any lending institution for any purposes of this Title, including
administrative expenses. Such loans shall be for a term not to exceed
two years and at [a rate of interest not to exceed six percent per
annum] such rates of interest as shall be acceptable to the Board.
The signatories and any such political subdivision or agency may,
in its discretion, make such loans from any available money.

317-35.

Bonds shall bear interest at [the rate of not to exceed six percent
per annum] such rate or rates as may be determined by the Board,
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
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 calcu-
lated upon the entire issue so sold [of more than six percent per
annum] in excess of the applicable rate determined by the Board,
payable semiannually, computed with relation to the absolute matur-
ity of the bonds according to standard tables of bond values; [pro-
vided that such limitation on the net interest cost shall not be applied
to any bonds which are payable solely from contributions or other
payments to be made by the federal government.] deducting the
amount of any premium to be paid on the redemption of any bonds
prior to maturity. All bonds issued and sold pursuant to this title
may be sold in such manner, either at public or private sale, as the
Board shall determine.

317-51.

[The Authority shall not perform transit service, nor any of the
functions, such as maintenance of equipment and right of way nor-
mally associated with the providing of such service, with any transit
facilities owned or controlled by it but shall provide for the perform-
ance of transit service with such facilities by contract or contracts
with private transit companies, private railroads, or other persons.]
Any facilities and properties owned or controlled by the Authority
[other than those utilized in performing transit service,] may be
operated by the Authority directly or by others pursuant to contract
or lease as the board may determine. [All operations of such facili-
ties and properties by the Authority and by its contractor and
lessees shall be within the zone.]