2182

LAWS OF MARYLAND

Ch. 739

EXCESS OF THAT OF THE BONDS TO BE REFUNDED.

(E) FOR THE PURPOSE OF DETERMINING WHETHER REFUNDING
BONDS ISSUED UNDER THIS SECTION ARE WITHIN THE DEBT
LIMITATION SPECIFIED IN SECTION 15-16 OF THIS SUBTITLE, THE
AMOUNT OF BONDS OR OTHER OBLIGATIONS TO BE REFUNDED SHALL BE
SUBTRACTED FROM, AND THE AMOUNT OF REFUNDING BONDS TO BE
ISSUED SHALL BE ADDED TO, THE AGGREGATE OF THE COUNTY'S
OUTSTANDING BONDS UNDER THIS SUBTITLE.

15-18.

Prior to the preparation of the definitive bonds
authorized to be issued by Sections 15-16, [and] 15-17 AND
15-17A of this subtitle, the [Commission] COUNTY may, under
like restrictions, issue interim receipts or temporary
bonds, with or without coupons, exchangeable for definitive
bonds, when such definitive bonds have been executed and are
available for delivery. In addition, the [Commission]
COUNTY may, in anticipation of the issuance of any such
bonds, issue bond anticipation notes pursuant to the
authority of, and in the manner prescribed by, Section 12 of
Article 31 of the Annotated Code of Maryland (1957 Edition,
as amended and supplemented from time to time). With
respect to any such bonds, coupons, temporary bonds,
receipts or bond anticipation notes, which have matured,
been exchanged or redeemed, the [Commission] BOARD shall
make arrangements for the mutilation and cremation of any
such instruments after an appropriate accounting therefor.
The [Commission] BOARD may also provide for the replacement
of any such instruments which shall become mutilated or be
destroyed or lost, upon receipt of such indemnification, and
the payment of the expenses of replacement as the
[Commission] BOARD, in its discretion, may deem proper or
requisite. Bonds may be issued under the provisions of this
subtitle without obtaining the approval or consent of any
division, commission, board, bureau or agency of the State
of Maryland and [, except as provided in Section 15-16 (a)
of this subtitle,] without any other proceeding or the
happening of any other condition or thing than those
proceedings, conditions or things which are specifically
required by this subtitle. In the event the [Commission]
BOARD shall determine to sell any bonds of the [Commission]
COUNTY authorized by this subtitle at public sale, it shall
comply with the provisions of Section 10 of Article 31 of
the Annotated Code of Maryland (1957 Edition, as amended and
supplemented from time to time), but in all other respects
the provisions of Sections 9 to 11, inclusive, of said
Article shall not apply to bonds issued under this subtitle.
If the [Commission] BOARD shall provide for the execution of
any such bonds in facsimile, it shall comply with the
provisions of Sections 13 to 18, inclusive, of said Article.
All bond proceeds, as well as all money held in sinking or
reserve funds in the same of the [Commission] COUNTY shall
be invested by the [Commission] BOARD in the manner
prescribed by Section 22 of Article 95 of the Annotated Code
of Maryland (1957 Edition, as amended and supplemented from
time to time).