HARRY HUGHES, Governor

3095

outstanding bonds respecting which front foot benefit
charges shall have been levied shall be stated to mature not
later than one year from the date fixed for the payment of
the final installment of such front foot benefit charges.
Refunding bonds may be exchanged for bonds being refunded or
may be sold at public sale or, if the commission shall find
and determine that a public sale would be impracticable in
effectuating the purpose of the refunding bonds, at a
negotiated sale in open meeting, at such price, terms and
conditions as the commission shall determine to be for the
best interest of the sanitary district. At least forty-five
days prior to the sale or exchange of any refunding bonds,
the commission shall deliver its plan respecting the
issuance of such refunding bonds to the governing bodies of
Montgomery County and Prince George's County and such sale
or exchange shall not be made unless such plan is approved
by the governing body of each of the two counties; provided
that if, during the period of thirty days from the date of
the delivery of the plan any governing body shall have
failed to approve or disapprove the plan, such failure shall
be deemed an approval of the plan by such governing body.
The foregoing time periods may be waived by the governing
bodies. In case any officer whose signature or a facsimile
of whose signature shall appear on any refunding bond or
coupon shall cease to be an officer before the delivery of
the refunding bond, the signature or facsimile shall
nevertheless be valid and sufficient for all purposes just
as if the officer had remained in office until the delivery.
Any refunding bonds issued to refund bonds guaranteed as to
the payment of principal and interest by the county council
of Montgomery County or of Prince George's County, may be
guaranteed in like manner in the form and under the
provisions of section 4-1 of this [Code] ARTICLE. Refunding
bonds authorized under this section shall be in addition to
any other bonds authorized to be issued under this [Code]
ARTICLE or any amendments of this [code] ARTICLE, and shall
be included in computing the amount of bonds which may be
issued under the fourteen percent limitation of section
4-1(a) of this [Code] ARTICLE. The provisions of section
4-l(a) of this [Code] ARTICLE exempting from taxation other
bonds of the district shall apply to refunding bonds. Any
power expressly granted under this section is not subject to
the provisions of any other law or other section of this
[Code] ARTICLE in conflict with that power.

(c) Proceeds of the refunding bonds, in an amount as
determined by the commission, may be deposited in trust with
a trust company or other banking institution as trustee, in
a trust fund established in the name of the sanitary
district. Money in the trust fund may be invested and
reinvested in direct obligations of, or obligations the
principal of and the interest on which are guaranteed by,
the United States of America. Money in the trust fund shall
be available, as provided by the commission, for the payment
of all or any part of the principal, interest, and
redemption premium, if any, of the bonds or notes, or any of
them, being refunded and of the refunding bonds, or any of