HARRY HUGHES, Governor

3093

time and from time to time and in such manner as it
determines, may borrow money for any of the purposes for
which any bonds of the district are to be issued, and to
issue negotiable bond anticipation notes of the district for
the money so borrowed in anticipation of the issuance of
such bonds, or in anticipation of other revenues for capital
expenditures. The aggregate amount of all bond anticipation
notes outstanding under the authority of this section at any
one time may not exceed thirty million dollars. The
aggregate amount of bond anticipation notes issued under the
authority of this section in anticipation of the issuance of
bonds which are subject to the 14 percent limitation,
together with the aggregate amount of bonds then outstanding
which are subject to the limitation, may not exceed that
limitation.

(b)  Such bond anticipation notes, except those which
may be issued for emergent purposes as hereinafter mentioned
and within the hereinafter specified limitation therefor,
shall mature within a period of not exceeding [five (5)] 5
years, or if issued for a period of less than [five (5)} 5
years they may be renewed from time to time for successive
periods of not exceeding [one (1)] 1 year each, but such
notes, including renewals, shall be payable not more than
[five (5)] 5 years from the date of the notes first issued.
Such notes shall be in such denomination or denominations,
shall bear interest [at such rate or rates not exceeding
eight per centum (8%) per annum] AS PROVIDED IN § 4-4 OF
THIS ARTICLE, payable at such time or times at or before the
maturity of the notes, shall be in such form and shall be
executed in such manner as the commission shall prescribe.
Such bond anticipation notes shall be sold at public sale
or, if the notes be renewal notes, they may be exchanged for
notes then outstanding on such terms as the commission shall
determine; provided, however, that of the aforegoing
authorized bond anticipation notes such notes in an amount
of not more than one million dollars ($1,000,000), either at
one time or outstanding at any one time, may be sold by a
negotiated sale, i.e., without the requirement of a public
sale, where from an economic or engineering or orderly
financial administration point of view the commission finds
the requirements for the funds are such as to require the
sale of the notes at an immediate or earlier time than would
be possible through the procedures of public sale. Before
concluding a negotiated sale, however, the commission shall
negotiate with at least two recognized banking institutions
which generally purchase bond anticipation notes and obtain
the terms most favorable in the commission's interest.
Further, any bond anticipation notes sold at a negotiated
sale shall mature within a period of not exceeding [sixty
(60)] 60 days and may be renewed not more than one time for
an additional period not exceeding [sixty (60)] 60 days.

(c)  Such bond anticipation notes shall be payable from
the proceeds of the bonds in anticipation of which they
shall be issued, but the commission may, in its discretion,
in lieu of retiring such notes by means of bonds, retire the