HARRY HUGHES, Governor                              2337

MEMBER COUNTY TO SIGN THE ENDORSEMENT.

(C) SIGNATURE OF FORMER OFFICER.

THE VALIDITY OF A SIGNATURE OR FACSIMILE OF A SIGNATURE
MADE UNDER THIS SECTION IS NOT AFFECTED BY THE FACT THAT THE
INDIVIDUAL WHOSE SIGNATURE IS ON THE BOND NO LONGER HOLDS
THE OFFICE THAT AUTHORIZED THE INDIVIDUAL TO SIGN THE BOND,
EVEN IF THE BOND IS DELIVERED AFTER THAT INDIVIDUAL LEAVES
THE OFFICE.                                                                   

REVISOR'S NOTE: This section is new language derived
without substantive change from the fourth and
tenth sentences of former Article 43, § 654(a).

9-688. SALE OF BONDS.

(A)  IN GENERAL.

IN THE MANNER THAT THE SANITARY COMMISSION DETERMINES
TO BE IN THE BEST INTEREST OF THE DISTRICT AND THE MEMBER
COUNTIES, A DISTRICT MAY SELL BONDS ISSUED UNDER THIS
SUBTITLE:

(1) AT PUBLIC OR PRIVATE SALE; AND

(2) AT A PRICE THAT MEETS THE REQUIREMENTS OF
THIS SECTION.

(B)  MINIMUM PRICE FOR BONDS.

THE DISTRICT MAY NOT SELL BONDS AT A PRICE SO LOW THAT
THE EFFECTIVE RATE OF INTEREST IS GREATER THAN THE RATE OF
INTEREST THAT THE SANITARY COMMISSION HAS DETERMINED FOR THE
BONDS.

(C)  COMPUTATION OF EFFECTIVE INTEREST RATE.

THE EFFECTIVE INTEREST RATE OF THE BONDS SHALL BE
COMPUTED:

(1) WITHOUT REGARD TO ANY PREMIUM THAT MIGHT BE
PAID TO REDEEM THE BONDS BEFORE MATURITY; AND

(2) OTHERWISE IN ACCORDANCE WITH STANDARD TABLES
OF BOND VALUES.

REVISOR'S NOTE: This section is new language derived
without substantive change from the seventh
sentence of former Article 43, § 654(a), except
the first clause of that sentence.

In subsections (b) and (c) of this section, the
reference to "effective" interest rates is new
language added for clarity.