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MARVIN MANDEL, Governor 2543
OFFICER BEFORE THE DELIVERY OF THE REFUNDING BOND, THE
SIGNATURE OR FACSIMILE SHALL NEVERTHELESS BE VALID AND
SUFFICIENT FOR ALL PURPOSES JUST AS IF THE OFFICER HAD
REMAINED IN OFFICE UNTIL THE DELIVERY. ANY REFUNDING
BONDS ISSUED TO REFUND BONDS GUARANTIED AS TO THE PAYMENT
OF PRINCIPAL AND INTEREST BY THE COUNTY COUNCIL OF
MONTGOMERY COUNTY OR OF PRINCE GEORGE'S COUNTY, MAY BE
GUARANTEED IN LIKE MANNER IN THE FORM AND UNDER THE
PROVISIONS OF SECTION 4-1 OF THIS CODE. REFUNDING BONDS
AUTHORIZED UNDER THIS SECTION SHALL BE IN ADDITION TO ANY
OTHER BONDS AUTHORIZED TO BE ISSUED UNDER THIS CODE OR
ANY AMENDMENTS OF THIS CODE, AND SHALL NOT BE INCLUDED IN
COMPUTING THE AMOUNT OF BONDS WHICH MAY BE ISSUED UNDER
THE 14 PERCENT LIMITATION OF SECTION 4-1 (A) OF THIS
CODE, PROVIDED THAT THERE SHALL BE INCLUDED AS BONDS
WITHIN THE 14 PERCENT LIMITATION A PRINCIPAL AMOUNT OF
REFUNDING BONDS EQUIVALENT TO, AND IN PLACE OF THE
PRINCIPAL AMOUNT OF BONDS REFUNDED THEREBY WHICH AT THE
TIME OF REFUNDING SHALL BE BONDS INCLUDED WITHIN THE 14
PERCENT LIMITATION. THE PROVISIONS OF SECTION 4-1 (A) OF
THIS CODE EXEMPTING FROM TAXATION OTHER BONDS OF THE
DISTRICT SHALL APPLY TO REFUNDING BONDS. THE EXERCISE OF
THE POWERS ANY POWER EXPRESSLY GRANTED UNDER THIS SECTION
ARE IS NOT SUBJECT TO THE PROVISIONS OF ANY OTHER LAW OR
OTHER SECTION OF THIS CODE IN CONFLICT WITH THIS SECTION
THAT POWER.
(C) PROCEEDS OF THE REFUNDING BONDS, IN AN AMOUNT
AS DETERMINED BY THE COMMISSION, MAY BE DEPOSITED IN
TRUST WITH A TRUST COMPANY OR OTHER BANKING INSTITUTION
AS TRUSTEE, IN A TRUST FUND ESTABLISHED IN THE NAME OF
THE SANITARY DISTRICT. MONEY IN THE TRUST FUND MAY BE
INVESTED AND REINVESTED IN DIRECT OBLIGATIONS OF, OR
OBLIGATIONS THE PRINCIPAL OF AND THE INTEREST ON WHICH
ARE GUARANTIED BY, THE UNITED STATES OF AMERICA. MONEY
IN THE TRUST FUND SHALL BE AVAILABLE, AS PROVIDED BY THE
COMMISSION, FOR THE PAYMENT OF ALL OR ANY PART OF THE
PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM, IF ANY, OF
THE BONDS OR NOTES, OR ANY OF THEM, BEING REFUNDED AND OF
THE REFUNDING BONDS, OR ANY OF THEM, AS THE COMMISSION,
IN ITS DISCRETION, SHALL PRESCRIBE. PROCEEDS OF
REFUNDING BONDS SHALL BE SO INVESTED AND APPLIED AS TO
ASSURE THAT THE PRINCIPAL, INTEREST, AND REDEMPTION
PREMIUM, IF ANY, ON THE BONDS OR NOTES BEING REFUNDED
SHALL BE PAID IN FULL ON THEIR RESPECTIVE MATURITY,
REDEMPTION, OR INTEREST PAYMENT DATES. THE BONDS OR
NOTES BEING REFUNDED WHICH ARE SUBJECT TO REDEMPTION
PRIOR TO THEIR STATED MATURITY DATES MAY BE CALLED FOR
REDEMPTION ON THE EARLIEST REDEMPTION DATE OR AT SUCH
LATER DATE AS THE COMMISSION SHALL DETERMINE. REFUNDING
BONDS MAY BE ISSUED IN ONE OR MORE SERIES, EACH SERIES
BEING IN WHATEVER PRINCIPAL AMOUNT THE COMMISSION
DETERMINES SHALL BE REQUIRED TO ACHIEVE THE PURPOSE FOR
THE ISSUANCE OF THE REFUNDING BONDS, WHICH AMOUNT MAY BE
IN EXCESS OF THE PRINCIPAL AMOUNT OF BONDS OR NOTES BEING
REFUNDED THEREBY. ALL OR ANY PART OF THE REFUNDING BONDS
MAY BE MADE PAYABLE FROM MONEY IN, AND SECURED BY, THE
TRUST FUND IN ADDITION TO OR IN LIEU OF ANY OTHER MONEY
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