3726

LAWS OF MARYLAND

[Ch. 892

and (b) of Section 1 of [said] Public [Act] LAW 284, as
amended, and pursuant to any contracts under which the
National Capital Planning Commission may offer the bonds
or notes for sale to the public at a fixed time after
[such] THE issue and delivery, or [in the event] IF any
[such] bonds [shall be] ARE issued subject to redemption
or repurchase, at the option of the Commission, then [and
in either such event] the Commission [is authorized and
empowered to] MAY redeem or repurchase the bonds or notes
at the redemption prices therein stated, plus accrued
interest and [to] provide funds for the redemption or
repurchase by the issue and sale from time to time of
refunding bonds in the manner and upon the terms and
conditions hereinafter set forth.

(b)    Form of refunding bonds. The refunding bonds
may be issued in amounts sufficient to accomplish [any
such] THE redemption or repurchase and in units or series
corresponding to the bonds or notes to be repurchased or
refunded and bearing the same series letters as the bonds
or notes to be refunded, or an issue of refunding bonds
may be made in an amount sufficient to provide for the
refunding or repurchase of several series of bonds or
notes. In no event [shall] MAY bonds or notes initially
issued on account of lands purchased in Prince George's
County and bonds or notes initially issued on account of
lands purchased in Montgomery County be refunded or
repurchased through the flotation of a single issue of
refunding bonds authorized hereinabove

(c)    Identification and maturity of refunding
bonds. The refunding bonds so authorized may be
identified as refunding bonds or [may be] designated in
any other appropriate fashion. The Commission [has full
and complete power and authority to] MAY determine the
terms and conditions of the bonds and the manner, method,
and place of sale thereof, subject only to the condition
that in no event [shall] MAY any issue of [said] THE
bonds mature later than [sixty (60)] 60 years from the
earliest of the respective dates of issue of the
corresponding series of bonds or notes in substitution
for which any issue of bonds hereby authorized[,] are
issued.

(d)    Sale of refunding bonds. In pursuance of the
foregoing, the Commission [has power and authority to]
MAY offer [said] THE bonds for sale at not less than par,
either by competitive bids at public sale or, if the
Commission by resolution [shall determine] DETERMINES
that a more advantageous price may be obtained on smaller
issues, [then] THAN by private negotiations; [to] issue
the bonds in serial maturity form or with a single fixed
date or maturity; [to] make the bonds redeemable in whole
or in part by lot or otherwise after a certain period or