HARRY HUGHES, Governor

3089

examination shall be without cost to the commission.

4-2. Mutilated, lost or destroyed bonds.

In case any bond heretofore or hereafter issued by the
Washington Suburban Sanitary District, or by the Washington
Suburban Sanitary Commission, the governing body of [said]
THE district, shall have become mutilated or shall have been
destroyed or lost, the commission may provide for the
execution and delivery to the holder or registered owner
thereof of a new bond of like date, number, maturity and
tenor in exchange and substitution for and upon the
cancellation of the mutilated bond and its interest coupons,
if any, or in lieu of and in substitution for the bond and
its coupons, if any, destroyed or lost, upon such conditions
as to evidence of ownership, the destruction or loss of such
bond, indemnity and payment of charges in connection with
such exchange or substitution as the commission shall
determine.

If such mutilated or destroyed or lost bond shall have
been guaranteed as to payment of principal and interest by
the county commissioners of Montgomery and Prince George's
counties, there shall be endorsed on the new bonds issued in
substitution for such mutilated or destroyed or lost bond a
guaranty identical with the guaranty on such mutilated or
destroyed or lost bond, and such endorsement shall be signed
as provided in section [83-63] 4-1 of this article, as
amended.

4-3. Waiver of guarantee.

The Washington Suburban Sanitary Commission, a public
corporation, at its option, and if in its opinion the
application of this section does not seriously affect the
sale of its securities, may waive the required guarantee of
the county council of Montgomery County and the county
commissioners of Prince George's County of its bonds and
certain other securities, as now required by law; but this
section shall not be taken to mean that the waiver of the
guarantee on any one issue of its bonds or securities shall
be construed to be a waiver of the guarantee of all future
issues of its bonds or securities. It is the purpose of
this section to permit the sanitary commission to waive the
present requirement of law as to the guarantee of its bonds
and securities by the council and the commissioners where
money market conditions seem to justify the sale of the
securities of the sanitary district without such guarantee
but to require such guarantee where monetary conditions seem
to require the guarantee to secure a favorable sale of its
securities.

4-4. Maximum interest rate.

Any bonds, notes, certificates of indebtedness or other
instruments evidencing debt of the Washington Suburban
Sanitary District, issued under the provisions of this