Marvin Mandel, Governor                         379

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved April 23, 1971.

CHAPTER 123
(House Bill 125)

AN ACT to repeal and re-enact, with amendments, Sections 317-21,
317-35 and 317-39 of Article 41 of the Annotated Code of Mary-
land (1965 Replacement Volume and 1970 Supplement), title
"Governor—Executive and Administrative Departments," subtitle
"Washington Metropolitan Area Transit Authority Compact," to
eliminate the six percentum interest limitation imposed on the
revenue bonds and temporary borrowings of the Washington
Metropolitan Area Transit Authority.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 317-21, 317-35 and 317-39 of Article 41 of the Anno-
tated Code of Maryland (1965 Replacement Volume and 1970 Sup-
plement), title "Governor—Executive and Administrative Depart-
ments," subtitle "Washington Metropolitan Area Transit Authority
Compact," be and they are hereby repealed and re-enacted, with
amendments, to read as follows:

317-21.

The Board may borrow, in anticipation of receipts, from any
signatory, the Washington Suburban Transit District, the Northern
Virginia Transportation District, 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 are 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 are MAY BE determined by the
Board, payable annually or semiannually [; provided that such inter-
est 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 cal-
culated upon the entire issue so sold [of more than six percent per