4050

LAWS OF MARYLAND

Ch. 767

issuance of the refunding bonds. Refunding bonds issued to
refund outstanding bonds respecting which front foot benefit
charges shall have been levied shall be stated to mature not
later than [one] 1 year from the date fixed for the payment
of the final installment of such front foot benefit charges.
Refunding bonds may be exchanged for bonds being refunded or
may be sold at public sale or, if the [commission] WSSC
shall find and determine that a public sale would be
impracticable in effectuating the purpose of the refunding
bonds, at a negotiated sale in open meeting, at such price,
terms and conditions as the [commission] WSSC shall
determine to be for the best interest of the sanitary
district. At least [forty-five] 45 days prior to the sale
or exchange of any refunding bonds, the [commission] WSSC
shall deliver its plan respecting the issuance of such
refunding bonds to the [governing bodies] COUNTY EXECUTIVES
AND COUNTY COUNCILS of Montgomery [County] and Prince
George's [County] COUNTIES and such sale or exchange shall
not be made unless such plan is approved by the [governing
body] COUNTY EXECUTIVES AND COUNTY COUNCILS of each of the
[two] 2 counties; provided that if, during the period of
[thirty] 30 days from the date of the delivery of the plan
any [governing body] COUNTY EXECUTIVE OR COUNTY COUNCIL
shall have failed to approve or disapprove the plan, such
failure shall be deemed an approval of the plan by such
[governing body] COUNTY EXECUTIVE OR COUNTY COUNCIL. The
foregoing time periods may be waived by the [governing
bodies] COUNTY EXECUTIVES AND COUNTY COUNCILS. In case any
officer whose signature or a facsimile of whose signature
shall appear on any refunding bond or coupon shall cease to
be an officer before the delivery of the refunding bond, the
signature or facsimile shall nevertheless be valid and
sufficient for all purposes just as if the officer had
remained in office until the delivery. Any refunding bonds
issued to refund bonds guaranteed as to the payment of
principal and interest by [the county council of] Montgomery
[County] or [of] Prince George's [County] COUNTIES, may be
guaranteed in like manner in the form and under the
provisions of § [4-1] 4-101 of this [article] TITLE.
Refunding bonds authorized under this section shall be in
addition to any other bonds authorized to be issued under
this article or any amendments of this article, and shall be
included in computing the amount of bonds which may be
issued under the [fourteen] 14 percent limitation of §
[4-l(a)] 4-101(A) of this [article] TITLE. The provisions
of § [4-l(a)] 4-101(A) of this [article] TITLE exempting
from taxation other bonds of the SANITARY district shall
apply to refunding bonds. Any power expressly granted under
this section is not subject to the provisions of any other
law or other section of this article in conflict with that
power.

(c) Proceeds of the refunding bonds, in an amount as
determined by the [commission] WSSC, may be deposited in
trust with a trust company or other banking institution as