3094                                   LAWS OF MARYLAND                                 Ch. 805

notes from any funds available for the payment of such bonds
authorized by the commission, in which event the amount of
such bonds so authorized shall be reduced by the amount of
such notes so retired. Bond anticipation notes issued under
this authority shall be general obligations of the district
for which the full faith, credit and taxing power of the
district shall be pledged and shall be guaranteed as to
payment of principal and interest by the county council of
Montgomery County and by the county commissioners of Prince
George's County, and the county council of Montgomery
County and the county commissioners of Prince George's
County are hereby authorized and directed to guarantee such
notes substantially in the manner and form and with the
effect provided for the guarantee of the construction bonds
of the Washington Suburban Sanitary District. The
commission may, however, at its option, waive the guarantee
by the counties herein prescribed. Bond anticipation notes
issued under the provisions hereof, including interest
thereon, shall be forever exempt from taxation by the State
of Maryland and by the counties and municipalities in said
state.

(d) The powers and authority conferred by this section
shall be additional and supplemental to those conferred by
any other law and shall be liberally construed to effectuate
the purposes hereof.

4-9. Refunding bonds.

(a)  Subject to the approval of the governing bodies of
Montgomery and Prince George's Counties of the plan for the
issuance of refunding bonds pursuant to the provisions of
this section, the Washington Suburban Sanitary Commission is
authorized to borrow money and to issue refunding bonds of
the Washington Suburban Sanitary District from time to time
to refund any bonds or notes issued by the district, at any
time outstanding, for the purpose of effecting savings in
debt service costs, directly or through any debt
restructuring, however, the commission may issue refunding
bonds only upon a finding that such refunding will result in
total savings in debt service costs.

(b)  Refunding bonds may bear such date or dates, may
mature at such time or times not exceeding forty years from
their respective dates, may bear interest at such rate or
rates, not to exceed ten percent per annum, may be made
redeemable before maturity upon such terms, may be in such
denomination or denominations, may be in such form, either
coupon or registered, may carry such registration and
conversion privileges, may be executed in such manner, may
be payable in such medium of payment at such place or
places, within or without the state of Maryland, may provide
for the replacement of mutilated, destroyed, stolen or lost
bonds, and may contain such other terms, conditions and
covenants, as may be provided in the resolution or
resolutions of the commission authorizing the issuance of
the refunding bonds. Refunding bonds issued to refund