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2542 LAWS OF MARYLAND Ch. 612
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ISSUED BY THE DISTRICT, AT ANY TIME OUTSTANDING, FOR THE
PURPOSE OR OF EITHER EFFECTING SAVINGS IN DEBT SERVICE
COSTS, DIRECTLY OR THROUGH ANY DEBT RESTRUCTURING, OR
ALLEVIATING AN IMPENDING OR ACTUAL DEFAULT OR OTHER
EXIGENCY RESPECTING ANY BONDS OR NOTES OF THE DISTRICT.
HOWEVER. THE COMMISSION MAY ISSUE REFUNDING BONDS ONLY
UPON A FINDING THAT SUCH REFUNDING WILL RESULT IN TOTAL
SAVINGS IN DEBT SERVICE COSTS.
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(B) REFUNDING BONDS MAY BEAR SUCH DATE OR DATES,
MAY MATURE AT SUCH TIME OR TIMES NOT EXCEEDING 40 YEARS
FROM THEIR RESPECTIVE DATES, MAY BEAR INTEREST AT SUCH
RATE OR RATES, NOT TO EXCEED 10 PERCENT PER ANNUM, MAY BE
MADE REDEEMABLE BEFORE MATURITY UPON SUCH TERMS, MAY BE
IN SUCH DENOMINATION OR DENOMINATIONS, MAY BE IN SUCH
FORM, EITHER COUPON OR REGISTERED, MAY CARRY SUCH
REGISTRATION AND CONVERSION PRIVILEGES, MAY BE EXECUTED
IN SUCH MANNER, MAY BE PAYABLE IN SUCH MEDIUM OF PAYMENT
AT SUCH PLACE OR PLACES, WITHIN OR WITHOUT THE STATE OF
MARYLAND, MAI PROVIDE FOR THE REPLACEMENT OF MUTILATED,
DESTROYED, STOLEN OR LOST BONDS, AND MAY CONTAIN SUCH
OTHER TERMS, CONDITIONS AND COVENANTS, AS MAY BE PROVIDED
IN THE RESOLUTION OR RESOLUTIONS OF THE COMMISSION
AUTHORIZING THE ISSUANCE OF THE REFUNDING BONDS.
REFUNDING BONDS ISSUED TO REFUND OUTSTANDING BONDS
RESPECTING WHICH FRONT FOOT BENEFIT CHARGES SHALL HAVE
BEEN LEVIED SHALL BE STATED TO MATURE NOT LATER THAN ONE
YEAR FROM THE DATE FIXED FOR THE PAYMENT OF THE FINAL
INSTALLMENT OF SUCH FRONT FOOT BENEFIT CHARGES.
REFUNDING BONDS MAY BE EXCHANGED FOR BONDS BEING REFUNDED
OR MAY BE SOLD AT PUBLIC SALE OR, IF THE COMMISSION SHALL
FIND AND DETERMINE THAT A PUBLIC SALE WOULD BE
IMPRACTICABLE IN EFFECTUATING THE PURPOSE OF THE
REFUNDING BONDS, AT A NEGOTIATED SALE IN OPEN MEETING, AT
SUCH PRICE, TERMS AND CONDITIONS AS THE COMMISSION SHALL
DETERMINE TO BE FOR THE BEST INTEREST OF THE SANITARY
DISTRICT. AT LEAST 45 DAYS PRIOR TO THE NEGOTIATED SALE
OF ANY REFUNDING BONDS, THE COMMISSION SHALL DELIVER ITS
PLAN RESPECTING THE ISSUANCE OF SUCH REFUNDING BONDS TO
THE GOVERNING BODIES OF MONTGOMERY COUNTY AND PRINCE
GEORGE'S COUNTY AND SUCH SALE SHALL NOT BECOME EFFECTIVE
UNLESS SUCH PLAN IS APPROVED BY THE GOVERNING BODY OF
EACH OF THE TWO COUNTIES; AT LEAST 45 DAYS PRIOR TO THE
SALE OR EXCHANGE OF ANY REFUNDING BONDS, THE COMMISSION
SHALL DELIVER ITS PLAN RESPECTING THE ISSUANCE OF SUCH
REFUNDING BONDS TO THE GOVERNING BODIES OF MONTGOMERY
COUNTY AND PRINCE GEORGE'S COUNTY AND SUCH SALE OR
EXCHANGE SHALL NOT BE MADE UNLESS SUCH PLAN IS APPROVED
BY THE GOVERNING BODY OF EACH OF THE TWO COUNTIES;
PROVIDED THAT IF, DURING THE PERIOD OF 30 DAYS FROM THE
DATE OF THE DELIVERY OF THE PLAN ANY GOVERNING BODY SHALL
HAVE FAILED TO APPROVE OR DISAPPROVE THE PLAN, SUCH
FAILURE SHALL BE DEEMED AN APPROVAL OF THE PLAN BY SUCH
GOVERNING BODY. THE FOREGOING TIME PERIODS MAY BE WAIVED
BY THE GOVERNING BODIES. IN CASE ANY OFFICER WHOSE
SIGNATURE OR A FACSIMILE OF WHOSE SIGNATURE SHALL APPEAR
ON ANY REFUNDING BOND OR COUPON SHALL CEASE TO BE AN
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