HARRY HUGHES, Governor

4049

general obligations of the SANITARY district for which the
full faith, credit and taxing power of the SANITARY district
shall be pledged and shall be guaranteed as to payment of
principal and interest by the [county council] COUNTY
COUNCILS of Montgomery [County] and [by the county
commissioners of] Prince George's [County] COUNTIES, and the
[county council] COUNTY COUNCILS of Montgomery [County] and
[the county commissioners of] Prince George's [County]
COUNTIES are hereby authorized and directed to guarantee
such notes substantially in the manner and form and with the
effect provided for the guarantee of the construction bonds
of the [Washington Suburban Sanitary District] SANITARY
DISTRICT. The [commission] WSSC may, however, at its
option, waive the guarantee by the counties herein
prescribed. Bond anticipation notes issued under the
provisions hereof, including interest thereon, shall be
forever exempt from taxation by the State of Maryland and by
the counties and municipalities in said state.

(d) The powers and authority conferred by this section
shall be additional and supplemental to those conferred by
any other law and shall be liberally construed to effectuate
the purposes hereof.

[4-9] 4-109. Refunding bonds.

(a)  Subject to the approval of the [governing bodies]
COUNTY EXECUTIVES AND COUNTY COUNCILS of Montgomery and
Prince George's Counties of the plan for the issuance of
refunding bonds pursuant to the provisions of this section,
the [Washington Suburban Sanitary Commission] WSSC is
authorized to borrow money and to issue refunding bonds of
the [Washington Suburban Sanitary District] SANITARY
DISTRICT from time to time to refund any bonds or notes
issued by the SANITARY district, at any time outstanding,
for the purpose of effecting savings in debt service costs,
directly or through any debt restructuring, however, the
[commission] WSSC may issue refunding bonds only upon a
finding that such refunding will result in total savings in
debt service costs.

(b)  Refunding bonds may bear such date or dates, may
mature at such time or times not exceeding [forty] 40 years
from their respective dates, may bear interest at such rate
or rates, not to exceed [ten] 10 percent per annum, may be
made redeemable before maturity upon such terms, may be in
such denomination or denominations, may be in such form,
either coupon or registered, may carry such registration and
conversion privileges, may be executed in such manner, may
be payable in such medium of payment at such place or
places, within or without the state of Maryland, may provide
for the replacement of mutilated, destroyed, stolen or lost
bonds, and may contain such other terms, conditions and
covenants, as may be provided in the resolution or
resolutions of the [commission] WSSC authorizing the