4048

LAWS OF MARYLAND

Ch. 767

outstanding under the authority of this section at any one
time may not exceed [thirty million dollars] $30,000,000.
The aggregate amount of bond anticipation notes issued under
the authority of this section in anticipation of the
issuance of bonds which are subject to the 14 percent
limitation, together with the aggregate amount of bonds then
outstanding which are subject to the limitation, may not
exceed that limitation.

(b)  Such bond anticipation notes, except those which
may be issued for emergent purposes as hereinafter mentioned
and within the hereinafter specified limitation therefor,
shall mature within a period of not exceeding 5 years, or if
issued for a period of less than 5 years they may be renewed
from time to time for successive periods of not exceeding 1
year each, but such notes, including renewals, shall be
payable not more than 5 years from the date of the notes
first issued. Such notes shall be in such denomination or
denominations, shall bear interest as provided in § [4-4]
4-104 of this [article] TITLE, payable at such time or times
at or before the maturity of the notes, shall be in such
form and shall be executed in such manner as the
[commission] WSSC shall prescribe. Such bond anticipation
notes shall be sold at public sale or, if the notes be
renewal notes, they may be exchanged for notes then
outstanding on such terms as the [commission] WSSC shall
determine; provided, however, that of the aforegoing
authorized bond anticipation notes such notes in an amount
of not more than [one million dollars {]$1,000,000[)],
either at one time or outstanding at any one time, may be
sold by a negotiated sale, i.e., without the requirement of
a public sale, where from an economic or engineering or
orderly financial administration point of view the
[commission] WSSC finds the requirements for the funds are
such as to require the sale of the notes at an immediate or
earlier time than would be possible through the procedures
of public sale. Before concluding a negotiated sale,
however, the [commission] WSSC shall negotiate with at least
[two] 2 recognized banking institutions which generally
purchase bond anticipation notes and obtain the terms most
favorable in the [commission's] WSSC'S interest. Further,
any bond anticipation notes sold at a negotiated sale shall
mature within a period of not exceeding 60 days and may be
renewed not more than one time for an additional period not
exceeding 60 days.

(c)  Such bond anticipation notes shall be payable from
the proceeds of the bonds in anticipation of which they
shall be issued, but the [commission] WSSC may, in its
discretion, in lieu of retiring such notes by means of
bonds, retire the notes from any funds available for the
payment of such bonds authorized by the [commission] WSSC,
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