HARRY HUGHES, Governor

4047

The [commission] WSSC shall annually determine the
amount necessary to pay the principal and interest
requirements of the bonds, and shall annually fix the water
service charge of the SANITARY district at such a sum as to
produce, in addition to the costs of the service, and the
requirements of any other bonds issued and outstanding the
annual requirements of which are to be paid out of the water
service, the amount determined as necessary to pay the
annual requirements of the bonds hereby authorized. The sum
so collected annually from water service charges shall be
deducted from the amount which the [commission] WSSC has
determined to be necessary to be raised by direct taxation
upon certification to the [county commissioners] COUNTY
COUNCILS of the counties.

[4-7] 4-107. Current bond fund.

All sums collected by the [commission] WSSC for
benefits levied against property for water supply, sewerage
and drainage construction, as provided in § [5-1] 5-101 OF
THIS ARTICLE, shall be set aside as a separate fund to be
known and designated as the "current bond fund," from which
fund interest shall be paid on all outstanding bonds, and
the balance of the fund shall be prorated monthly, and
applied to the payment of the principal of maturing serial
bonds and the payment into the joint "sinking fund" account,
as provided under § [4-5] 4-105 OF THIS TITLE, of the
proportionate part of the principal of outstanding sinking
fund bonds as the outstanding par value of both types of
bonds bear to each other. The [commission] WSSC, in order
to determine the amount necessary to be levied under § [4-5]
4-105 OF THIS TITLE, shall deduct the amount to its credit
in the "current bond fund" account from the whole amount
necessary to be raised in any [one] 1 year for interest on
all of its outstanding bonds, the payment of the principal
of its maturing serial bonds and the proportionate part of
principal of all outstanding sinking fund bonds, and the
balance remaining to be raised shall be the amount to be
certified to the [county commissioners] COUNTY COUNCILS of
Montgomery and Prince George's counties for collection by
taxation as provided under § [4-5] 4-105 OF THIS TITLE.

[4-8] 4-108. Bond anticipation notes generally.

(a) The [Washington Suburban Sanitary Commission]
WSSC, on behalf of the [Washington Suburban Sanitary
District] SANITARY DISTRICT, at any 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 SANITARY
district are to be issued, and to issue negotiable bond
anticipation notes of the SANITARY 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