1034                                 LAWS OF MARYLAND                               Ch. 241

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved April 22, 1980.

CHAPTER 242

(House Bill 1618)

AN ACT concerning

Maryland-National Capital Park and Planning Commission
(Tax Anticipation Notes - Interest Rate)
PG/MC 18-80

FOR the purpose of eliminating the maximum interest rate
payable by the Maryland-National Capital Park and
Planning Commission for tax anticipation notes.

BY repealing and reenacting, with amendments,

Article 66D - Maryland-National Capital Park and

Planning Commission
Section 6-106

Annotated Code of Maryland
(1978 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 66D - Maryland-National Capital Park and
Planning Commission

6-106.

The Commission from time to time during any fiscal year
may borrow sums of money on promissory notes, to be known as
tax anticipation certificates of indebtedness, to bear
interest [at not exceeding 6 percent a year], AT SUCH RATE
OR RATES ANNUALLY AS THE COMMISSION DETERMINES TO BE
ADVANTAGEOUS AND OTHERWISE IN THE PUBLIC INTEREST, and to be
signed by the chairman and secretary-treasurer of the
Commission, as necessary to meet its expenses within either
county under this title and also to meet debt service
payable from the 7 cent tax authorized in this title on the
bonds authorized hereinabove in this title; these sums of
money to be borrowed from any bank or institution or
individual willing to lend them. The Commission from time
to time may reissue or renew its tax anticipation
certificates of indebtedness at the same or a greater