HARRY HUGHES, Governor

3329

Maryland-National Capital Park and Planning Commission -
Elimination of Interest Rate Limitation

FOR the purpose of eliminating the statutory interest rate
limitation on the issuance of bonds for
Maryland-National Capital Park and Planning Commission-
providing the interest rate limitation on such bonds
shall be set at a rate the Commission determines to
meet certain criteria; and making this Act an emergency
measure.

BY repealing and reenacting, with amendments,

Article 66D - Maryland-National Capital Park

and Planning Commission
Section 6-102(c)
Annotated Code of Maryland
(1978 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 66D - Maryland-National Capital Park
and Planning Commission

6-102.

(c) The bonds shall be either registered or coupon
bonds in a denomination or denominations as determined by
the Commission and bear interest [at not exceeding eight
percent a year, payable semiannually,] ANNUALLY AT A RATE
THE COMMISSION DETERMINES TO BE ADVANTAGEOUS AND IN THE
PUBLIC INTEREST, and mature in not exceeding 50 years from
the date of issue. Notwithstanding the provisions of any
other law, the Commission may sell the bonds at public sale
or, if the Commission by resolution determines that a more
advantageous price may be obtained on smaller issues, by
private negotiation, and may provide in the issue of bonds
for their redemption prior to their stated maturity, in
whole or in part at the option of the Commission, at
redemption prices which may be in excess of the par value of
the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for
the immediate preservation of the public health and safety
and having been passed by a yea and nay vote supported by
three-fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.

Approved June 1, 1932.